GLASTONBURY, Conn., Aug. 6, 2014 (GLOBE NEWSWIRE) -- United Financial Bancorp, Inc. ("United Financial" or the "Company") (Nasdaq:UBNK), the holding company for United Bank (the "Bank"), today announced that an overwhelming majority of their shareholders voted in favor of key proposals presented at its 2014 Annual Meeting held on Tuesday, August 5, 2014, including the executive compensation plan and the re-election of three key United Financial Board members.
The proposal to ratify its executive compensation plan, or say-on-pay, impressively received 93% of the vote by shareholders. The Company's executive compensation plan is market-based, tied to performance and aligned with shareholders' interests.
They also received 94% of the vote to re-elect three members of the Board of Directors to four year terms: William H.W. Crawford, IV, Chief Executive Officer of United Financial Bancorp, Inc. and United Bank, Michael F. Crowley and Raymond H. Lefurge, Jr., Vice Chairman of the Board.
Since the proposals only required 50% of shares outstanding to vote in favor of the proposals to pass, both vote counts underscored the tremendous support shareholders have in the Company, its leadership team and the hardworking Bank employees.
"On behalf of the entire United team, I would like to personally thank our shareholders for not only taking the time to study the proposals before them and voting their shares, but also demonstrating their overwhelming support of our Board of Directors and the management team," said William H.W. Crawford, IV, Chief Executive Officer of United Financial Bancorp, Inc. and United Bank. "Obviously, it is always very important to secure approval of Board recommendations but to capture such a high percentage of the vote like we did at our Annual Meeting says a lot about our Company and our combined legacies of providing superior customer service, giving back to the communities we serve and delivering strong shareholder value."
"What we witnessed today is that our shareholders believe strongly in our vision for the new United Bank and the confidence they have in us speaks volumes. This clear trust in us, coupled with our hardworking employees and devoted Board of Directors, will go a long way in helping us make the new United the best bank in the region."
In addition to executive compensation and re-election of Board members, a proposal to approve the appointment of Wolf & Company, P.C. as United's independent auditor received 98% shareholder approval.
Overall, there were 51,536,800 shares of Common Stock eligible to be voted at United Financial Bancorp, Inc.'s Annual Meeting and 46,321,791 shares were represented at the meeting by the holders.
Before beginning the business portion of United's Annual Meeting, Crawford publicly recognized Alice Kalas of Ellington, Connecticut. Ms. Kalas has been a customer of legacy Rockville Bank – now United Bank – for over 50 years. To recognize her five decades of being a loyal customer of the Bank and to wish her a Happy 95th Birthday that she will celebrate this month, Crawford had Ms. Kalas chauffeured from her home in Ellington to the Annual Meeting in South Windsor and personally presented her with a bouquet of flowers during the meeting.
About United Financial Bancorp, Inc.
United Financial Bancorp, Inc. is the holding company for United Bank, a full service financial services firm offering a complete line of commercial, business, and consumer banking products and services to customers throughout Eastern, Central and Southern Connecticut as well as Western and Central Massachusetts. On April 30, 2014, United Bank and Rockville Bank completed a transformational merger of equals bringing together two financially strong, well-respected institutions and creating a leading New England bank with more than 50 branches in two states and more than $5.0 billion in assets. United Financial Bancorp, Inc. trades on the NASDAQ Global Select Stock Exchange under the ticker symbol "UBNK".
For more information about legacy United Bank's services and products, call (866) 959-BANK and for information about legacy Rockville Bank's services and products, call (860) 291-3600 or visit www.thenewunitedbank.com for more information about both banks. For more information about United Financial Bancorp, Inc., visit www.unitedfinancialinc.com or download the Company's free Investor Relations app on your Apple or Android device.
To download United Financial Bancorp, Inc.'s investor relations app on your iPhone or on your iPad, which offers access to SEC documents, press releases, videos, audiocasts and more, please visit: https://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=725271098&mt=8 or https://play.google.com/store/apps/details?id=com.theirapp.ubnk for your Android mobile device.
Forward Looking Statements
This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.