Centreville Bank, a Rhode Island- chartered savings bank, announced it has completed its cash acquisition of PB Bancorp, the parent company of Connecticut’s Putnam Bank.

The transaction is valued at $115.5 million. The acquisition is effective today, May 1, prior to the opening of business.

“We’re thrilled that Putnam Bank will now be part of the Centreville Bank family,” Centreville Bank President, CEO and Chairman Harold M. Horvat said in a statement, “Our due diligence over these past six months has validated what we first saw: that bringing these two similar institutions together aligns well strategically, operationally and culturally. And we truly believe that the biggest benefit will be realized by our new employees and customers in Eastern Connecticut.”

Horvat said that Centreville Bank has sent information to all Putnam Bank customers, which included answers to some of the frequent questions that have been asked since the acquisition was announced. There is no immediate change for Putnam Bank customers, who will experience today as “business as usual.” All current branches of Putnam Bank will remain open and will conduct business under the name “Putnam Bank, a division of Centreville Bank.” Headquartered in Putnam, Putnam Bank has branches in Danielson, Pomfret, Plainfield, Norwich, Griswold and Gales Ferry and a loan center in Putnam.

The combined organization will have approximately $1.76 billion in assets and $1.37 billion in deposits.

“I want to take this opportunity to publicly thank outgoing Putnam Bank President and CEO Tom Borner for his leadership and vision during his tenure running this fine organization. He’s built a solid bank that has a strong sense of community, and we intend to carry on that tradition,” Horvat’s statement concluded.

Horvat also announced that former PB Bancorp director John Miller has been elected to the board of trustees of Centreville Bank.