USB-FNBL merger viewed with excitement

Steve Dohoney, market manager vice president of The First National Bank of Litchfield's local branches, said he's excited about the merger occurring between his bank and Union Savings Bank.

Changes related to the merger are expected to begin in the first week of April.

"Everyone's really excited," Dohoney said Monday . "I've been through a few mergers in other banks and this one is the most positive one I've taken part in."

Dohoney manages the New Milford, Roxbury, Marble Dale and Washington Depot branches of First National.

"The people from Union Savings came out right from the start and were very positive and transparent," Dohoney said. "Once you're assured your job is secure, you can relax and continue on with business."

Plans for the merger were laid in October between First Litchfield Financial Corporation, the parent company of The First National Bank of Litchfield, and Union Savings Bank.

On Feb. 19, stockholders in First Litchfield Financial Corporation approved the agreement and plan of merger. Still pending is receipt of all required regulatory approvals. Once those are in, the merger will close.

"The first change customers will see is the name change on the branches. That should occur shortly after the first week in April," said John Kline, president and CEO of Union Savings Bank. "By fall, a consolidation of processing systems will occur, which will mean a customer banking in the Canton branch will be able to do their banking in a Danbury branch if they are in the city that day."

The First National Bank of Litchfield has nine branches in Litchfield and Hartford counties. Locally, there are branches in New Milford, Roxbury, Marble Dale and Washington Depot. The only town where there will be an overlapping of First National and Union Savings branches is in New Milford, where First National has a branch and Union Savings has two branches.

"First National customers will see the same friendly faces when they come into a branch office after the merger," Kline said. "We've written the book on customer service at Union Savings; as a mutual bank, we do not have to look to stockholders first."

The First National Bank of Litchfield is the oldest bank in Connecticut, continuously in business since 1814. Union Savings Bank was founded in 1866.

"We believe joining forces with Union Savings Bank will allow us to remain locally controlled and focused," said Joseph Greco, First Litchfield president and CEO. "The combined bank will be a larger and stronger institution which will provide greater opportunities for our employees and more convenience for our customers."

When the merger is completed, Union Savings Bank will have approximately $2.5 billion in assets, $1.7 billion in deposits and 28 branches in Connecticut -- 13 branches in Litchfield County, 13 branches in Fairfield County, and one each in New Haven and Hartford County.

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