Guilford Savings Bank Merges with Eastern Connecticut Savings

Guilford Savings Bank and Norwich-based Eastern Connecticut Savings Bank have announced merger plans. 

The new partnership, announced Nov. 27, will create a bank with $1.4 billion in combined assets and 25,000 clients. 

“This is a tremendous opportunity to bring together two historic community banks with shared core values and create both scalability and strength to better service our clients,” said GSB CEO Timothy Geelan. 

The boards of both banks unanimously approved the merger. 

The combined institution will be led by GSB president Kyle Eagleson. 

Eagleson will also succeed Geelan as CEO in March of 2025.

Expanding Reach

Eastern Connecticut Savings Bank president and CEO Lisa Griffin will be part of the new organization’s executive leadership team as market president for the Eastern Connecticut Savings Bank Region.

Combined, the banks currently have 13 branch locations in Connecticut.

The banks said there are no plans for branch closures or staff reductions. 

“This merger will allow us to expand our reach and capabilities while staying true to our shared core values.”

GSB’s Kyle Eagleson

“This merger will allow us to expand our reach and capabilities while staying true to our shared core values,” said Eagleson.

“We’re excited to offer even greater innovation, convenience and services to our clients throughout Connecticut.”

“By joining forces with GSB, we can ensure the future success of our bank’s mission and continue to deliver the high level of service our customers expect,” said Lisa Griffin.

Future Growth

Both banks have long histories in Connecticut—GSB was founded in 1875 and ECSB was established in 1915.

Officials with both organizations said the merger will position them for future growth and continued positive community involvement.

“We will continue our legacy of charitable giving, volunteerism and helping our neighbors.”

GSB’s Timothy Geelan

“Together, we will continue our legacy of charitable giving, volunteerism and helping our neighbors reach their financial goals,” said Geelan.

The merger is expected to close in the second quarter of 2025 pending regulatory approval.

The newly combined bank’s name has not yet been announced.