0000943374-17-000132.txt : 20170321 0000943374-17-000132.hdr.sgml : 20170321 20170321103622 ACCESSION NUMBER: 0000943374-17-000132 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170321 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170321 DATE AS OF CHANGE: 20170321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SI Financial Group, Inc. CENTRAL INDEX KEY: 0001500213 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 800643149 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-54241 FILM NUMBER: 17703241 BUSINESS ADDRESS: STREET 1: 803 MAIN STREET CITY: WILLIMANTIC STATE: CT ZIP: 06226 BUSINESS PHONE: 860-423-4581 MAIL ADDRESS: STREET 1: 803 MAIN STREET CITY: WILLIMANTIC STATE: CT ZIP: 06226 8-K 1 form8k_32117.htm FORM 8-K form8k_32117.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  March 21, 2017


SI FINANCIAL GROUP, INC.
(Exact name of registrant as specified in its charter)

Maryland
0-54241
80-0643149
(State or other jurisdiction of incorporation or organization)
(Commission
File Number)
(IRS Employer
Identification No.)
 
803 Main Street, Willimantic, Connecticut  06226
(Address of principal executive offices)   (Zip Code)

(860) 423-4581
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 

Item 8.01    Other Events.

On March 21, 2017, Savings Institute Bank & Trust (the “Bank”), the wholly owned  subsidiary of SI Financial Group, Inc., announced it had entered into a definitive agreement to sell the Bank’s Trust and Asset Management division to Plimoth Investment Advisors, Plymouth, Massachusetts.  For more information, reference is made to the Bank’s press release dated March 21, 2017, a copy of which is attached to this Report as Exhibit 99.1 and is furnished herewith.

Item 9.01    Financial Statements and Exhibits.

 (d)           Exhibits

 
Number
Description

99.1                                Press Release dated March 21, 2017
 
 

 


 
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
SI FINANCIAL GROUP, INC.
   
   
Date:                      March 21, 2017
By: /s/ Rheo A. Brouillard
 
Rheo A. Brouillard
President and Chief Executive Officer




EX-99.1 2 pr_32117.htm PRESS RELEASE pr_32117.htm
Savings Institute                                                                                                      Plimoth Investment Advisors
Bank & Trust                                                                                                       PRESS RELEASE
 
(NASDAQ: SIFI)
 
PLIMOTH INVESTMENT ADVISORS ACQUIRES THE TRUST AND ASSET MANAGEMENT DIVISION OF
 
SAVINGS INSTITUTE BANK & TRUST
 

Willimantic, Connecticut—March 17, 2017.  Savings Institute Bank & Trust and Massachusetts-based Plimoth Investment Advisors today announced the execution of a definitive agreement in which Plimoth Investment Advisors will acquire the Trust and Asset Management division of Savings Institute Bank & Trust.
 
Savings Institute Bank & Trust is a full service community-oriented financial institution dedicated to serving the needs of consumers and businesses since 1842, with personal trust and asset management added in 1990.  The bank has always prided itself on its community roots, serving not only as a financial institution, but also an active community citizen and partner.  The Trust and Asset Management division currently serves approximately 300 clients in the region, with total assets under management of approximately $120 million.
 
Savings Institute Bank & Trust President & Chief Executive Officer Rheo A. Brouillard stated, “The bank was pleased to find a like-minded community bank partner who, through its investment advisory arm, will continue to provide the personalized services our customers are accustomed to and also enhance those services from its new location in Stonington.  Plimoth is also making a commitment to the community by opening their new office and hiring the key client relationship personnel that our clients have been working with over the years,” said Brouillard.
 
Plimoth Investment Advisors, headquartered in Plymouth, Massachusetts currently serves approximately 450 clients in Southeastern Massachusetts with approximate assets under management of $600 million.  Plimoth Investment Advisors is jointly owned by two Massachusetts-based mutual savings banks, BayCoast Bank and Dedham Institution for Savings.  “We are pleased to work with Rheo and the team at Savings Institute Bank and Trust to continue providing their clients with exceptional investment and trust services,” said Steven A. Russo, President and CEO of Plimoth Investment Advisors.  “We look forward to introducing and welcoming those clients to Plimoth.  We are equally excited to welcome Teresa Prue and Nicole (Hallisey) Dagle to the Plimoth team and establishing our new home in Stonington, CT.”
 

 
 
 
 

All existing Savings Institute Bank & Trust customers and clients who have accounts with the Trust and Asset Management division will be directly contacted in the coming weeks by both organizations to communicate the details of the transition process and address any questions to help ensure customer satisfaction.
 
About Savings Institute Bank & Trust
Savings Institute Bank & Trust is a wholly owned subsidiary of SI Financial Group, Inc.  The Bank was established in 1842 as a community oriented financial institution headquartered in Willimantic, Connecticut with full service banking offices serving eastern Connecticut and Rhode Island.
www.savingsinstitute.com
 
About Plimoth Investment Advisors
Plimoth Investment Advisors is a limited purpose trust company wholly owned by two financially strong and well established community savings banks based in Massachusetts; BayCoast Bank and Dedham Institute for Savings.  As a community bank owned institution our corporate values of focusing on our client’s needs and supporting the communities in which we operate mirror our owner banks.  Plimoth Investment Advisors will operate in four primary locations:  Swansea, Plymouth, and Dedham Massachusetts, and the newly acquired location in Stonington, Connecticut.
www.plimothinvestmentadvisors.com

CONTACTS:
Catherine Pomerleau
Executive Assistant / Investor Relations Administrator
860-456-6514 / Email: investorrelations@banksi.com

Steven A. Russo
President & CEO
508-208-0460 / Email:  srusso@pliadv.com