The Connecticut company, which began reviewing its operations in January, said the effort gained momentum when the coronavirus pandemic hit.
The Connecticut company recruited Robert Russell from Millington Bank to become its president and CEO.
The Connecticut company will appoint Lawrence Seidman to become a director at its next annual meeting.
The company acquired ResX Warehouse Lending from People's United Financial.
People's United in Connecticut is letting the loans run off its books as it invests in higher-yielding commercial loans.
Centreville Bank will pay $116 million in cash for PB Bancorp.
The accounting board delayed implementation for the majority of banks and credit unions until 2023.
After FASB's decision to give most banks extra time to prepare, lobbying groups are pushing for more.