Bank of Westport and Fairfield County Bank Corp. today announced agreement for Fairfield to acquire Westport. 
The announcement said Bank of Westport shareholders would receive $12 per share, valuing the deal at $11.2 million.
Bank of Westport shares closed up $3.30 at $11.80, a gain of almost 39 percent over Monday’s close. The stock traded as low as $5 in 2002.
The acquisition followed last year’s merger of Westport National Bank with The Greenwich Bank & Trust Company. It now operates as a division of Connecticut Community Bank.
“We are extremely pleased to partner with Fairfield County Bank Corp.,” said Keith Lyon, president and chief executive officer of the Westport bank.
“It is a high quality organization that will continue to serve our customers, employees, and communities with the same attention and commitment as Bank of Westport.”
He said the bank’s Westport and Fairfield locations and their staff will continue to serve customers who will have the benefit of Fairfield’s 13 other branches, investment and insurance products.
“In addition, the lending capability available to our customers will be much greater than it is today,” he said.
Paul S. McNamara, chair of Fairfield County Bank Corp., said the acquisition was “a strategic opportunity to expand our brand of community banking to the Westport market.”
Fairfield County Bank Corp. operates two divisions, Ridgefield Bank in Ridgefield, Wilton and Georgetown, and as Fairfield County Bank (formerly, Fairfield County Savings Bank) in Norwalk, Darien, Rowayton and Fairfield.
