Savings Institute Buying Fairfield Financial

Savings Institute Bank & Trust Co., Willimantic, Conn., has announced that it is buying Fairfield Financial Mortgage Group Inc., Danbury, Conn.The terms of the deal were not disclosed. Over the last 12 months, Fairfield has originated over $386.1 million. It has branches in Texas, Massachusetts, New Hampshire, New Jersey, New York, and Pennsylvania. The company is also licensed in South Carolina, Florida, Georgia, Michigan, Rhode Island, Maryland, Delaware, and California. Fairfield will change its name to SI Mortgage Group Inc., with its current president and chief executive officer, Charles L. Levesque, remaining as president. "While we expect this acquisition will add to our noninterest income and be accretive to our earnings, it will also bring much to [Fairfield]," SIBT president and CEO Rheo A. Brouillard said. SIBT is a subsidiary of SI Financial Group Inc., and this transaction is the second since the bank went public at the end of September 2004. It expected to close in the fourth quarter.