The bank has considerable "excess" capital to deploy. They probably overpaid for the merger, but what else to they have to do with it? The shares are about as cheap as they've ever been in over 6 years!
The bank is solid, and the Rhode Island addition will make a prime takeover target, with a likely price of over $12. I'd imagine that this bank is taken out within 2 or 3 years. So not a bad hold with a dividend yield of almost 4%.