On November 27, 2024, Guilford Savings Bank and Eastern Connecticut Savings Bank announced their agreement pursuant to which Eastern Connecticut Savings Bank will merge with Guilford Savings Bank, with Guilford Savings Bank as the surviving entity.

Guilford Savings Bank is a $1.1 billion savings bank with eight branch offices located throughout southern Connecticut. Guilford Savings Bank is the wholly-owned subsidiary of GSB Bancorp, Inc, which is the wholly-owned subsidiary of GSB Mutual Holding Company.

Eastern Connecticut Savings Bank is a $264 million mutual savings bank with five offices located in Norwich, Jewett City and Plainfield, Connecticut.

Luse Gorman is serving as legal counsel to Guilford Savings Bank in the transaction. The Luse Gorman team consists of Scott Brown, Ellie Cook, and Keeler Fina.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past seven years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.