Image courtesy of Guilford Savings Bank

Guilford Savings Bank and Eastern Connecticut Savings Bank have announced their intention to merge.

The merger was approved unanimously by both boards and will create a bank with $1.4 billion in combined assets and 25,000 clients. The combined bank’s name will be announced later.

“This is a tremendous opportunity to bring together two historic community banks with shared core values and create both scalability and strength to better service our clients,” Timothy Geelan, CEO of GSB, said in a statement last week. “Together, we will continue our legacy of charitable giving, volunteerism and helping our neighbors reach their financial goals.”

The combined financial institution will be led by GSB president Kyle Eagleson, who will also succeed Geelan as CEO in March of 2025. Eastern Connecticut Savings Bank President and CEO Lisa Griffin will work within the new organization’s executive leadership team as a market president for the new combined entity’s eastern region, covering Eastern Connecticut Savings’ five branches in and around Norwich. GSB’s existing branches are largely concentrated in Shoreline communities, with the exception of one each in North Haven, Northford and North Madison.

“We’re proud of our 110-year history and the deep relationships we’ve built with our customers,” said Griffin. “By joining forces with GSB, we can ensure the future success of our bank’s mission and continue to deliver the high level of service our customers expect. I look forward to this next chapter.”

GSB, founded in 1875, enters the merger with over $1.1 billion in assets. Eastern Connecticut Savings Bank was established in 1915 and has $264 million in assets.

There are no immediate plans for any branch closures. Closing of the merger is expected to take place in the second quarter of 2025, subject to receipt of all required regulatory and other customary closing conditions.