The shareholders of Wilton Bank on Sept. 30 approved the merger with and into Bankwell.
The merger has been approved by the Federal Deposit Insurance Corp., and approval from the Connecticut Department of Banking is expected shortly.
Bankwell also announced that it raised $6,197,500 in capital by issuing 370,000 shares of its common stock to a single prominent financial institution investor.
Peyton R. Patterson, president and CEO of Bankwell Financial Group, said, "We are excited to have passed this milestone and look forward to completing the merger. Together, we will continue to be the hometown bank serving the local community, but with a far greater array of services to offer individuals and businesses in the Wilton market. The additional capital we raised today will continue to support Bankwell's anticipated growth from a strong capital position."
Charles F. Howell, president, treasurer and CEO of the Wilton Bank, said, "We are pleased that our shareholders have supported the merger with Bankwell. Bankwell's excellent reputation for exceptional service, credit quality and community giving make us a winning combination."
The transaction is expected to close in the fourth quarter of this year.