Fairfield County Bank and Bank of Westport have received regulatory approval for their merger, it was announced today.
The approvals were received from the Connecticut Department of Banking, primary regulator of both banks, and the Federal Deposit Insurance Corp. The merger was announced Feb. 10.
“This represents a strategic opportunity to expand our brand of community banking to Westport,” said Fairfield County Bank chairman Paul S. McNamara.
“It brings an extensive range of banking, brokerage, investment and insurance services to Bank of Westport customers.”
“We are extremely pleased to unite with Fairfield County Bank,” said Bank of Westport president and CEO Keith Lyon.
“It is a high-quality organization that sets an exceptional standard of service, and brings a community-based commitment to our customers, our employees and our region.”
Headquartered in Ridgefield, Fairfield County Bank Corp. is a mutual bank operating two divisions: Ridgefield Bank, located in Ridgefield, Wilton and Georgetown; and Fairfield County Bank, which maintains branches in Norwalk, Darien, Rowayton and Fairfield.
With the merger of Bank of Westport, Fairfield County Bank Corp. will hold $1.1 billion in assets and approximately $100 million in capital.
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.
