Eastern CT Savings Bank, a trusted name in Connecticut banking for nearly 110 years, is pleased to announce its upcoming merger with another well-established Connecticut community bank, GSB (formerly Guilford Savings Bank). This partnership will create a stronger independent, mutually owned financial institution with nearly $1.4 billion in assets, and 25,000 clients, enhancing our ability to provide forward-thinking banking services across the state.
You can view the Press Release here.
See below for answers to some questions you may have:
FAQs
- Why are the banks merging?
- By merging, we have greater combined resources to deliver even better services and greater convenience, while continuing to support the local community. It’s a great opportunity to continue to grow and serve you better.
- How will this merger affect customers?
- Customers will continue to receive the same level of personalized service they’ve come to expect from both banks. We plan to expand services and enhance digital offerings, which will be beneficial for all customers.
- Will I still be able to visit my local branch?
- Yes, all branches will stay as they are, and you can continue to visit your local branches, ATMs and see your favorite bankers.
- Will this merger affect my deposits or insurance?
- No, your deposits will still be insured by the FDIC to maximum allowable limits, just like they are now. Nothing will change in terms of your protection.
- What is the timeline for the merger?
- The merger is expected to be completed in the second quarter of 2025, pending regulatory approval and approval from Eastern Connecticut Savings Bank’s depositors.