CNB Financial of Worcester, Mass., has signed a $25 million merger agreement with United Financial Bancorp of West Springfield.
CNB said Thursday that it has terminated a previously-announced merger agreement with the parent company of Pittsfield-based Berkshire Bank. CNB will pay Berkshire Hills Bancorp a $970,000 fee for terminating the deal.
Under the agreement with United Financial, CNB shareholders can choose between receiving cash or UFB shares, or a combination of cash and stock.
CNB has six branches in Worcester County while UFB operates 15 branches in western Massachusetts. Officials say the combined bank will have about $1.5 billion in total assets.
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