Middletown’s Liberty Bank has completed its acquisition of Naugatuck Valley Financial Corp., parent to Naugatuck Valley Savings and Loan, headquartered in Naugatuck. The merger became effective at the close of business Jan. 15.
Shareholders of Naugatuck Valley Financial Corp. approved the merger on Oct. 8, 2015 and will receive $11 in cash for each share of Naugatuck Valley Financial common stock that they own. The stock had a 52-week range from $11.19 to $8.56 when it traded on Nasdaq.
With completion of the merger, Liberty Bank now has consolidated assets of approximately $4.5 billion, deposits of $3.4 billion, loans of $3.3 billion, and total capital of $610 million, as well as 56 banking locations throughout Hartford, Middlesex, Fairfield, New London, Tolland, Windham and New Haven counties.
All of the former locations of Naugatuck Valley Savings and Loan will now operate as branches of Liberty Bank, except for Naugatuck Valley Savings and Loan’s location on Highland Avenue in Cheshire, which has closed, and customers will now be served at Liberty’s existing Cheshire branch at 160 Highland Ave.
