Norwich Financial announces planned acquisition of branches in New London and Groton

Business Wire, Oct 15, 1996

NORWICH, Conn.--(BUSINESS WIRE)--Oct. 15, 1996--Norwich Financial Corp. (NASDAQ-NSSB) announced today that its subsidiary bank, The Norwich Savings Society ("Norwich"), has entered into an agreement to acquire two branch offices of First Union Bank of Connecticut.

In addition to the two branches, located in New London and Groton, the transaction will include the transfer of approximately $32 million in deposits and certain loans.

Daniel R. Dennis, Jr., chairman, president, and chief executive officer stated, "We welcome the First Union customers to The Norwich Savings Society and are pleased with the opportunity to provide them continued high levels of service and the added convenience of our larger local branch network."

The transaction, which is subject to regulatory approval and certain other conditions of closing, is expected to close in the first quarter of 1997.

Norwich Financial is a registered bank holding company with total assets of $731,193,000 and total deposits of $616,801,000 at June 30, 1996. The Company's principal subsidiary is The Norwich Savings Society, an FDIC-insured savings bank which currently operates 17 banking offices and 20 ATMs throughout eastern Connecticut.

CONTACT: Richard A. Woerle

(860) 889-2621, Ext. 2288