People’s Bank

Putnam Savings Bank recently completed its acquisition of three branch offices and related deposits from Bridgeport-based People’s Bank. As part of its overall branch expansion strategy, Putnam Savings acquired the People’s branches located in Plainfield, Griswold and Ledyard. As of Sept. 24 of this year, the deposits being sold totaled $64.1 million, representing a 29 percent increase in Putnam Savings Bank’s deposit base.

“We are very excited about the acquisition of these new branches,” said Robert G. Cocks Jr., president and chief executive officer of PSB Holdings. “These branches are a natural extension of our market area, and are an excellent fit for us. They enable us to strengthen our existing position in Windham County and expand our branch network into New London County, accelerating our de novo branching strategy by a number of years. We relish the opportunity to serve these new customers and to welcome them into the Putnam Savings family.”

PSB Holdings, based in Putnam, is the parent company of Putnam Savings Bank, a federally chartered stock savings bank founded in 1862. As of June 30, Putnam Savings Bank had approximately $338 million in assets and approximately $218 million in deposits. The bank offers a wide range of financial services through its seven offices. Putnam Savings also operates a full-service loan center in Putnam. PSB Holdings’ common stock trades on the Nasdaq Stock Market under the symbol PSBH.

Celero Signs Deal

Calgary-based Celero Solutions, a joint venture of Credit Union Central Alberta, Credit Union Central Manitoba, Credit Union Central Saskatchewan, Credit Union Electronic Transaction Services and Concentra Financial that serves more than 150 Canadian credit unions, has signed a non-binding letter of intent to conclude a 10-year licensing rights, reseller and maintenance agreement with Glastonbury-based Open Solutions for the Canadian version of its enterprise relational data processing platform, The Complete Credit Union Solution. The letter of intent, among other things, provides that Celero will pay a non-refundable fee of $3.5 million in Canadian money on or before Dec. 7, which may be applied to payments under a definitive agreement if one is reached.

“Celero and Open Solutions share a commitment to implementing information technology that will enable Canadian credit unions to bring unparalleled value to our members. The Complete Credit Union Solution positions Celero for growing market share through the shared vision of economic benefit that a common banking platform provides in a very competitive financial services environment,” said Garth Manness, Celero’s interim chief executive officer.

Elliott Lipsey, general manager of Open Solutions Canada’s Banking Solutions Group, agreed.

“We are excited about the opportunity to help Celero members achieve their business goals,” he said. “We are providing an opportunity for Celero credit unions of all membership sizes to compete effectively in the rapidly changing financial services marketplace. We believe that our partnership will effectively change the Canadian landscape in the provision of financial services.”

“Celero and Open Solutions both seek to satisfy the demand for new technologies backed by superior service in the Canadian marketplace,” said Open Solutions Chairman and Chief Executive Officer Louis Hernandez Jr. “Open Solutions is committed to accelerating the move toward open architecture technologies at financial institutions in Canada and abroad. We are moving aggressively into the market because there is a need that we believe we can fulfill in helping Canadian credit unions better serve their members. We look forward to our partnership with Celero and the impact this partnership will have on the Canadian financial industry.”