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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CONTACT: David J. O'Connor, President and CEO
New England Bancshares, Inc. and Enfield Federal
Savings and Loan Association
860) 253-5200
WINDSOR LOCKS COMMUNITY BANK TO MERGE
WITH ENFIELD FEDERAL SAVINGS
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LOCAL OLD-LINE BANKS TO STRENGTHEN THROUGH COMBINATION
Enfield, CT, January 22, 2003 -- New England Bancshares, Inc. ("New England
Bancshares," OTC: NEBS) and Windsor Locks Community Bank, FSL, Windsor Locks, CT
("Windsor Locks") jointly announced today that Windsor Locks, a mutually
organized federal savings association, will merge with and into Enfield Federal
Savings and Loan Association ("Enfield Federal"), the wholly-owned stock savings
subsidiary of New England Bancshares and Enfield Mutual Holding Company.
"This merger is designed to improve services while maintaining the essence of
traditional neighborhood banking that is provided by both institutions," said
David J. O'Connor, President and Chief Executive Officer of Enfield Federal
Savings. The symmetry already exists. Enfield Federal, established in 1916, and
Windsor Locks, founded in 1913, have been active, integral members of their
community for generations. Both have solid reputations based on reliability and
personal service. The merger will enable us to realize certain cost efficiencies
by avoiding duplicative costs that make it increasingly difficult for hometown
banks to remain competitive in a market flooded with hi-tech branches of
regional and national banks."
"By joining Enfield Federal we will be able to offer our customers the most
advanced banking services available," said Windsor Locks Community Bank
President and CEO, Frederick J. Stroiney. "The welfare of our customers is our
top priority, and we believe they deserve the speed and convenience of
computerized banking without sacrificing exceptional personal service. Enfield
Federal is a like-minded partner that can deliver state-of-the-art banking
services while permitting us to remain true to our identity."
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TWO HERITAGES, ONE PURPOSE
The resulting organization will maintain the name Enfield Federal Savings and
Loan Association and expects to continue the current business and product lines
of both institutions. Mr. O'Connor commented that "while mergers typically spell
change in the way companies do business, that is not expected to be the case
here. We intend to remain very much the same except for being able to provide an
enhanced level of service to an expanded customer."
"'Community'" has long been the operative word at Windsor Locks. We believe this
merger will take our local banking 'up a notch' and still preserve our hometown
values," said Stroiney. "It will also preserve our employees' jobs which allow
us to continue our community involvement and support."
"These two banks have worked hard to earn and preserve their reputations. They
are known for their efficient, friendly service and valuing their customers, and
that's the way it's going to stay," said Edward C. Allen, Chairman of Enfield
Federal. "There aren't a lot of century-old community banks left anymore because
either they couldn't compete, or they were gobbled up by larger financial
institutions. This merger will prevent that from happening to Windsor Locks
Community Bank and Enfield Federal Savings. We are now positioned for the
future, and that's something our customers can bank on."
William C. Leary, Chairman of the Board of Windsor Locks, stated "I believe the
combining of the two banks was a necessary and positive step forward for both
institutions. Windsor Locks has long been determined to preserve a local
community bank presence for its valued customers and this move will serve to
enhance that objective. We know that our customers will appreciate the result."
As of December 31, 2002, Windsor Locks had assets, deposits and equity of
approximately $39 million, $36 million and $2 million, respectively.
Accordingly, on a pro forma basis as of December 31, 2002, the merger would have
increased New England Bancshares' consolidated assets, deposits and equity to
approximately $193 million, $158 million and $25 million, respectively.
As a result of the merger, Windsor Locks' borrower members and depositors will
have the same rights and privileges in Enfield Federal as if their respective
borrowing and/or deposit accounts had been established at Enfield Federal. The
members of Windsor Locks' Board of Directors will become members of the Enfield
Federal Board of Directors and the Chairman of the Board of Windsor Locks will
be invited to become a member of the New England Bancshares Board of Directors.
Two members of the Windsor Locks Board of Directors will also become members of
the Board of Directors of Enfield Mutual Holding Company. Mr. Stroiney will
become President of Enfield Federal. All of Windsor Locks' employees are
expected to continue as employees of Enfield Federal. David J. O'Connor will
remain President and Chief Executive Officer of New England Bancshares, Inc. and
Enfield Federal Mutual Holding Company and will continue as Chief Executive
Officer of Enfield Federal after the merger.
New England Bancshares, Inc. is headquartered in Enfield, Connecticut, and
operates Enfield Federal Savings with six banking centers servicing the
communities of Enfield, Manchester, Suffield, and Windsor Locks. For more
information regarding the Bank's products and services, please visit
www.enfieldfederal.com.
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This news release contains forward-looking statements (within the meaning of the
Private Securities Litigation Reform Act of 1995), which involve significant
risks and uncertainties. A variety of factors could cause actual results and
experience to differ materially from the anticipated results or other
expectations expressed in such forward-looking statements.
New England Bancshares does not assume any obligation to update these
forward-looking statements or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to
competition from both financial and non-financial institutions; changes in
interest rates, deposit flows, loan demand and real estate values; changes in
legislation or regulation; changes in accounting principles, policies or
guidelines; the timing and occurrence (or non-occurrence) of transactions and
events that may be subject to circumstances beyond the control of New England
Bancshares; and other economic, competitive, governmental, regulatory and
technological factors affecting New England Bancshares specifically or the
banking industry or economy generally.
New England Bancshares may be filing a proxy statement and other relevant
documents concerning the merger with the United States Securities and Exchange
Commission (the "SEC").
WE URGE INVESTORS TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS
TO BE FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
Investors will be able to obtain these documents free of charge at the SEC's web
site (www.sec.gov). In addition, documents filed with the SEC by New England
Bancshares will be available free of charge from Corporate Secretary, New
England Bancshares, 660 Enfield Street, Enfield, Connecticut 06082.
The directors, executive officers and certain other members of management of New
England Bancshares, Inc. may be soliciting proxies in favor of the merger from
the stockholders of New England Bancshares, Inc. For information about these
directors, executive officers and members of management, stockholders are asked
to refer to the most recent proxy statement issued by New England Bancshares,
Inc. which is available at the address provided in the preceding paragraph.