United Financial Bancorp, Inc. is an American holding company for United Bank, a financial services company firm serving Connecticut and Massachusetts. United Bank is headquartered in Hartford, Connecticut. William H.W. Crawford, IV is Chief Executive Officer (CEO) of the Bank and the Holding Company.
United Bank provides its customers with access to 53 conveniently-located retail banking branches, 66 ATMs and commercial and mortgage loan production offices throughout its footprint. The Bank offers deposit, loan and investment products through various banking channels (in-branch, online, mobile and over the phone) to meet their customers’ financial needs. They employ more than 785 employees squarely focused on helping individuals, businesses, nonprofit organizations, government entities and others succeed financially every step of the way. United Financial Bancorp, Inc. trades on the NASDAQ Global Select Stock Exchange under the ticker symbol "UBNK". At December 31, 2017, the Company had $7.11 billion in assets and delivered its 47th consecutive dividend to shareholders. United is currently the third largest publicly traded banking institution headquartered in Connecticut.
History
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OUR EARLY BEGINNINGS
In 1858, twenty businesspeople in Rockville, Connecticut raised $175.00 to start Rockville Bank, then Savings Bank of Rockville, for the primary purpose of helping their neighbors finance home purchases.
Similarly, legacy United Bank was founded in 1882 as the Springfield Cooperative Savings Fund and Loan Association in West Springfield, Massachusetts and began an equally impressive history of commitment to helping local neighbors purchase their homes. After mergers and acquisitions and name changes throughout its 133 year history, this legacy savings and loan institution eventually became known as United Bank in 2004.
Though much has changed over time, our core mission of “neighbors helping neighbors†essentially remains the same nearly 160 years later.
A TRANSFORMATIONAL MERGER
United Bank is the result of a strategic transformational merger of equals between legacy Rockville Bank and its holding company Rockville Financial, Inc. and legacy United Bank and its holding company United Financial Bancorp, Inc.
With the combined 296-year history of Rockville and United, we carried forward a proud legacy of two financial institutions with a reputation for always being there for our customers and communities every step of the way and delivering an exceptional banking experience through various banking channels: in- branch, online, mobile and telephone banking.
So on April 30, 2014 it became official: we completed our transformational merger between Rockville Bank and United Bank, named it United Bank and United Financial Bancorp, Inc. and positioned ourselves as a high-performing premier community bank in New England led by Chief Executive Officer William H.W. Crawford, IV, an experienced and reputable management team and a dedicated team of employees relentlessly focused on making us a better bank each day.
THE PRESENT DAY
Since becoming a fully publicly traded company after our second step conversion in 2011 and now trading on the Nasdaq Global Select Stock Exchange under the symbol “UBNKâ€, we have grown to over $7.11 billion in assets (as of December 31, 2017) through organic growth and strategic mergers and acquisitions. As result of this steady progression, United Bank has become the third largest publicly traded banking institution headquartered in Connecticut.
Responding to customer demand, we provide access to 53 conveniently-located retail banking branches and 66 ATMs as well as commercial and mortgage loan production offices in the markets we serve. We offer deposit, loan and investment products through various banking channels to meet our customers’ financial needs however and whenever they choose to transact with us. We also employ more than 785 employees squarely focused on helping individuals, businesses, nonprofit organizations, government entities and others succeed financially every step of the way.
In 2017, United Bank began another new and exciting chapter in the company’s history with two major milestones. In September, United Financial was named to Fortune Magazine’s 100 Fastest Growing Companies list, based on revenue and earnings growth, as well as total shareholder return compared against thousands of domestic and foreign companies traded on U.S. exchanges.
We also relocated our corporate offices from Glastonbury, Connecticut to the Goodwin Square office tower at 225 Asylum Street in downtown Hartford, bringing more than 200 employees to the Capitol city’s Central Business District.
Today, United Bank’s expanded footprint includes the greater Fairfield, New Haven and Hartford counties as well as Western and Central Massachusetts â€" serving customers and communities as their strategic partner since 1858.
A STEADFAST COMMUNITY PARTNER
Together, the United Bank Foundation Connecticut (formerly the Rockville Bank Foundation) and the United Bank Foundation Massachusetts have invested over $10 million in hundreds of deserving nonprofit organizations since 2005. In recent years, we’ve granted more than $1 million annually to community partnerships and corporate sponsorships, complemented by the individual generosity and selfless volunteerism of United employees and Board of Directors.
TIMELINE OF KEY MILESTONES
1858: The Savings Bank of Rockville (now named United Bank after Rockville Bank merged with legacy United in 2014) was founded by twenty local businessmen in Rockville, Connecticut, declaring $175.00 in total assets.
1882: United Bank was founded as Springfield Cooperative Savings Fund and Loan Association, then becoming Springfield Cooperative Bank in 1883.
1960: After merging with Highland Cooperative Bank in 1960 and West Springfield Cooperative Bank in 1968, Springfield Cooperative Bank became United Cooperative Bank.
2000: Savings Bank of Rockville changed its name to Rockville Bank.
2004: United Cooperative Bank changed its name to United Bank, converted to a federal charter and formed a mutual holding company.
2005: Rockville Financial, Inc. the holding company for Rockville Bank, (now named United Financial Bancorp, Inc. after it acquired United Financial in 2014) became a public company and was no longer a non-stock or mutual holding company. United’s mutual holding company initial public offering UBNK on NASDAQ.
2007: United Financial Bancorp, Inc. was incorporated as the holding company for United Bank and completed its second step conversion, becoming a fully public company.
2009: United Financial Bancorp, Inc. completed its acquisition of CNB Financial Corp., parent of Commonwealth National Bank.
2011: Rockville Financial, Inc. (“RCKBâ€) completed its second step conversion and became a fully public company. William H.W. Crawford, IV joined the Bank in January and officially became CEO in April.
2012: United Financial completed the acquisition of New England Bancshares, Inc., the holding company for New England Bank.
2013: Rockville Bank and United Bank announced plans for a merger of equals, a combined Bank to be led by William H.W. Crawford, IV, CEO.
2014: Rockville was the legal acquirer of United, completed the acquisition of United and immediately changed its name to United Financial Bancorp, Inc. Rockville Bank changed its name to United Bank at that time. As part of the merger, Richard B. Collins, President and CEO of legacy United Bank, retires after 12 years with the Bank.
2014: The “new†United Bank completed its core data processor conversion, officially becoming one United Bank with "community banking teams" covering key market areas throughout Connecticut and Massachusetts.
2015: The Rockville Bank Foundation changes its name to United Bank Foundation Connecticut. The United Bank Foundation changes its name to United Bank Foundation Massachusetts. Total charitable giving in 2015 was $1.2 million.
2015: For 2015, the Company's return on average assets ("ROA") was 0.87%, and return on average equity ("ROE") was 8.08%.
2016: On October 18, the Company announced record quarterly earnings for Q3 2016 and their 42nd consecutive quarterly dividend ($0.12 per share) to shareholders.
2017: On February 14, 2017, the Company announced it would be relocating its Corporate Offices from Glastonbury, Connecticut to the Goodwin Square office tower in downtown Hartford, bringing over 200 jobs to Hartford's Central Business District.
2017: On March 31, 2017, the Company announced record revenue and record pre-tax profit, growing its total assets to $6.7 billion.
2017: United Bank Foundation Connecticut and United Bank Foundation Massachusetts, along with the Bank, announced that together they invested over $1.2 million in various community partnerships throughout Connecticut and Massachusetts.
2017: On June 30, 2017, the Company announced record earnings per share of $0.32 for Q2 2017 and its 45th consecutive dividend. As of June 30, the Company's assets totaled $6.88 billion.
2017: United Financial Bancorp, Inc. was named by FORTUNE Magazine to their 100 Fastest Growing Companies List for 2017. United Financial ranked #39 out of 100.
2017: On September 30, 2017, the Company reported net income of $15.2 million, or $0.30 per diluted share for Q3 2017.
2017: In October 2017, United Bank officially moved its Corporate Offices from Glastonbury, Connecticut to the Goodwin Square Office Tower in Hartford, Connecticut. The Bank is now based in the Capitol City's central business district and has over 200 employees working in the downtown area.
2018: United Bank and its two charitable foundations - United Bank Foundation Connecticut and United Bank Foundation Massachusetts - announced they invested over $1.1 million in 2017 in nonprofit organizations and corporate sponsorships in communities they serve. Together the Bank and the two Foundations have invested $10 million in community organizations and programs since 2005.
2018: On January 23, 2018, United Financial reported that net income for the year ended December 31, 2017 was $54.6 million, or $1.07 per diluted share, compared to net income of $49.7 million, or $0.99 per diluted share, for the year ended December 31, 2016.
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