FOR IMMEDIATE RELEASE
CONTACT: Richard B. Collins, President and Chief Executive Officer
TELEPHONE: (413) 787-1700
UNITED FINANCIAL BANCORP, INC. INCREASES MAXIMUM PURCHASE
LIMITATION AND COMMENCES SYNDICATED OFFERING
West Springfield, MA, November 16, 2007: United Financial Bancorp, Inc., a
recently formed Maryland corporation (the "Company"), the proposed holding
company for United Bank and successor company for United Financial Bancorp,
Inc., a Federal corporation (NASDAQ Global Select: UBNK), today announced that
the subscription offering and community offering portion of its second-step
conversion concluded on November 14, 2007. A total of 1,123 orders were received
in the subscription and community offering, totaling 2,344,028 shares (not
including shares to be purchased by the employee stock ownership plan). These
orders will be maintained by the Company, with interest on subscribers' funds
continuing to accrue until completion of the offering.
In addition, the Company announced today that it filed a prospectus
supplement with the Securities and Exchange Commission (the "SEC") increasing
the maximum purchase limitation from 200,000 shares to 475,000 shares for
purchasers and from 400,000 shares to 475,000 shares for purchasers acting
together with others, in all categories of the offering combined, including the
syndicated offering. Consistent with the prospectus dated October 12, 2007, only
those persons who subscribed for 200,000 shares will be resolicited, and any
increased orders will be due by 5:00 PM, Eastern time, on November 23, 2007. All
other eligible subscribers who properly completed and timely submitted a stock
order form will be allocated the number of shares of common stock requested in
their stock order form.
The Company also announced today that, as contemplated in the prospectus,
it has commenced a syndicated offering to sell shares to the general public not
subscribed for in the subscription offering and the community offering. Keefe,
Bruyette & Woods, Inc. is acting as lead manager for the syndicated offering,
which is being conducted on a best efforts basis. Neither Keefe, Bruyette &
Woods nor any other member of the syndicate group is required to purchase any
shares in the offering.
Subject to market conditions, independent appraiser review and regulatory
approval, the Company expects to sell in the aggregate no more than 11,250,000
shares, which is the midpoint of the offering range set forth in the prospectus,
in the subscription offering, the community offering and the syndicated
offering.
The completion of the offering remains subject to (1) approval of the
conversion by the stockholders of United Financial Bancorp, Inc. and the
depositors of United Bank at special meetings to be held on November 27, 2007,
(2) final approval from the Office of Thrift Supervision to complete the
conversion and the offering, including approval of an updated appraisal, and (3)
the sale of at least 9,562,500 shares.
United Financial Bancorp, Inc. is the holding company for United Bank, a
federally chartered savings bank headquartered in West Springfield,
Massachusetts that had $1.1 billion in assets at September 30, 2007. United Bank
was originally founded in 1882, as a Massachusetts-chartered cooperative bank.
In July 2005, United Financial Bancorp, Inc. completed its initial public stock
offering. Investors may obtain additional information about United Financial
Bancorp, Inc. on the Internet at www.bankatunited.com, under the Investor
Relations section.
This press release contains certain forward-looking statements. These
forward-looking statements are made in good faith pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. The words
"may," "could," "should," "would," "believe," "anticipate," "estimate,"
"expect," "intend," "plan" and similar expressions are intended to identify
forward-looking statements. These forward-looking statements may be subject to
significant known and unknown risks, uncertainties, and other factors,
including, but not limited to, those matters referred to in the preceding
sentence.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, actual results may differ materially
from the results discussed in these forward-looking statements. You are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. United Financial Bancorp, Inc. undertakes no
obligation to republish revised forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
United Financial Bancorp, Inc. has filed a registration statement
(including a prospectus) with the Securities and Exchange Commission (the "SEC")
for the offering to which this communication relates. This press release is
neither an offer to sell nor a solicitation of an offer to buy shares of common
stock nor shall there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. The offer is made
only by the prospectus. United Financial Bancorp, Inc. has filed a proxy
statement/ prospectus concerning the conversion with the SEC. Shareholders of
United Financial Bancorp, Inc. are urged to read the proxy statement/ prospectus
because it contains important information. Investors are able to obtain all
documents filed with the SEC by United Financial Bancorp, Inc. free of charge by
visiting EDGAR on the SEC's website at www.sec.gov. In addition, documents filed
with the SEC by United Financial Bancorp, Inc. are available free of charge from
the Corporate Secretary of United Financial Bancorp, Inc. at 95 Elm Street, West
Springfield, Massachusetts 01089, telephone (413) 788-3333. The directors,
executive officers, and certain other members of management and employees of
United Financial Bancorp, Inc. are participants in the solicitation of proxies
in favor of the conversion from the shareholders of United Financial Bancorp,
Inc. Information about the directors and executive officers of United Financial
Bancorp, Inc. is included in the proxy statement/ prospectus filed with the SEC.
The securities are not savings accounts or savings deposits, may lose value
and are not insured or guaranteed by the Federal Deposit Insurance Corporation
or any government agency.