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News Breaks | | | | December 27, 2012 | | 17:17 EDT |  | UBNK | United Financial ends ESOP, sees adding 3c to FY13 EPS
On December 20 the board of directors of United Bank, a wholly-owned subsidiary of United Financial Bancorp, voted to terminate the bank’s Employee Stock Ownership Plan, or ESOP, effective December 31. Prior to the termination of the ESOP, the bank made 2012 loan payments totaling $1M, which resulted in the release of approximately 72,000 shares from the ESOP suspense account. These shares are expected to be allocated to participants during 1Q13. The termination of the ESOP will be accretive to earnings for each of the years in the twelve- and fifteen-year periods remaining on the remaining ESOP loan terms. The transaction will result in an after tax charge of approximately $2.4M, $4.1M pretax, or 12c per diluted share in the quarter ending December 31, in connection with the termination of the ESOP. For 2013, the ESOP termination will result in an increase of approximately 3c in diluted EPS. | |
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News For UBNK From The Last 14 Days Check below for free stories on UBNK the last two weeks. |
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| May 14, 2013 | | 14:45 EDT |  | UBNK | United Financial management to meet with Sterne Agee
Meeting to be held in New York on May 21 hosted by Sterne Agee. | |
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