Area Bank Merger Finalized

DANBURY — On November 10, NewMil Bank of New Milford will acquire Nutmeg Federal Savings & Loan Association and its four branches in the Greater Danbury area located in Danbury, Bethel, and Ridgefield.

Nutmeg Federal branches will close briefly from November 10 through 12 to change systems, signs, and forms. They will reopen as NewMil Bank on Monday, November 13.

This acquisition is a merger of two community banks serving a wide geographical area. It helps connect NewMil’s franchise through the Danbury corridor from Canaan near the Massachusetts border to Norwalk on the shoreline.

“Our partnership with Nutmeg significantly enhances NewMil Bank’s franchise in western Connecticut and will substantially strengthen our position in the very attractive Danbury market,” said Francis J. Wiatr, chairman, president and CEO of NewMil Bank. “Nutmeg customers will enjoy a broader selection of services, including Online Banking, bank-by-phone, competitive home equity loans, and expanded business banking services,” he added.

Nutmeg customers will continue to be served by familiar Nutmeg staff. It will benefit the customers of both banks by making ATMs and branches more accessible in a wider geographical area. Many new products and services will be available to customers of Nutmeg Federal Savings & Loan as a result of the merger.

NewMil Bank will have a presence in Danbury for the first time in its 140-year history. Headquartered in New Milford, the bank recently changed its name from New Milford Savings Bank to NewMil Bank in a move that more closely aligns the bank with its contemporary, full service operations. The new name reflects a focus on small business services and state-of-the-art products.

Ribbon-cutting ceremonies are planned for November 13 in Danbury with Mayor Eriquez and in Bethel and Ridgefield with local dignitaries. Sign changes will take place between November 10 and 12.