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Ion Bank News

Web Site: http://www.ionbank.com
- West Side Office 500 West Main St., Meriden, CT 06451 - 2708
Tel: (203) 639-8866 Fax: (203) 639-2808

Ion Bank is an independent community-based bank committed to providing a full line of consumer and business products and services.

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Nutmeg Financial, MHC, Naugatuck Savings Bank and ...

October 9, 2005

Nutmeg Financial, MHC, Naugatuck Savings Bank and Castle Bank & Trust Company Jointly Announce Agreement to Combine. Naugatuck, Connecticut (October 7, 2005) � Nutmeg Financial, MHC, Naugatuck Savings Bank, and Castle Bank & Trust jointly announced today the execution of a definitive agreement pursuant to which Nutmeg Financial, MHC will acquire the stock of Castle Bank & Trust for $13.00 per share in an all cash transaction. Nutmeg Financial, a mutual holding company, is the parent company of Naugatuck Savings Bank, headquartered in Naugatuck, Connecticut. Castle Bank & Trust Company will also be a wholly-owned subsidiary of Nutmeg Financial, along with Naugatuck Savings Bank. Nutmeg Financial will remain a mutual institution.

The transaction will create a mutual holding company structure with combined assets of approximately $720 million and over $550 million in deposits, operating thirteen branches between the two subsidiaries serving New Haven County, Litchfield County and central Connecticut.

"We are excited by this opportunity to partner with another bank that has the same tradition of commitment to customers and community that we have at NSB," said Mark C. Yanarella, President and CEO of Naugatuck Savings Bank.

Lawrence M. McGoldrick, Castle Bank's President, Chief Executive Officer and Chairman, commented, "This partnership will allow Castle Bank to continue to grow a financially strong community bank that can focus our future profitability on enhancing our services to customers and strengthening the economic and social fabric of the central Connecticut communities we built this bank to serve."

It is anticipated that the merger will close in the first quarter of 2006 and is conditioned upon receiving the requisite regulatory approvals and Castle Bank & Trust shareholder approval. A "no employee layoff" policy has been adopted in connection with the transaction. The management and staff of Castle Bank & Trust will continue to manage Castle Bank. Mr. McGoldrick will continue in his current role as President and Chief Executive Officer of Castle Bank.

Founded in 1870, Naugatuck Savings Bank operates eleven branches in Naugatuck, Ansonia, Cheshire, Middlebury, Oxford, Prospect, Southbury, Waterbury, Watertown and Woodbury, Connecticut. At June 30, 2005, Naugatuck Savings Bank had $649 million in assets, $518 million in deposits and $88 million in capital.

Founded in 1999, Castle Bank & Trust operates two branches in Meriden, Connecticut. At June 30, 2005, Castle Bank & Trust had $74 million in assets, $45 million in deposits and $6 million in capital.

 
 

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