With regulatory approvals in hand, the parent company of New York-based NBT Bank announced this week it expects to close its $204 million acquisition of Lakeville-based Salisbury Bancorp on Aug. 11.
Salisbury Bancorp is the parent of Salisbury Bank,which has 13 branches in northwestern Connecticut, the Hudson Valley and southwestern Massachusetts. The bank reported $1.56 billion in assets and 168 employees as of March 31.
NBT announced this week the deal has been approved by the Office of the Comptroller of the Currency and Connecticut Department of Banking. It has also received an application waiver from the Federal Reserve Bank.
The deal is expected to close on Aug. 11. A weekend systems conversion will follow with locations of Salisbury Bank opening as NBT Bank offices on August 14.
NBT reported $11.84 billion in assets as of March 31, and 140 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut.
“Our integration team, made up of employees from Salisbury and NBT, has worked diligently since our announcement to plan a successful transition for Salisbury customers,” NBT President and CEO John H. Watt Jr. said. “We are pleased to have received the required approvals that will enable NBT to welcome new customers, employees and shareholders from Salisbury. Through our integration, we will bring together two high-quality community banks and offer Salisbury customers a larger branch network and a broader variety of financial services.”
NBT is still a relatively new player in Connecticut. It announced plans to enter the state in 2019, and hired some well-known local bankers to help establish a regional office in Greater Hartford.
Since that time, the bank has opened branches in West Hartford and Glastonbury.
NBT and Salisbury originally announced their all-stock deal in December. Salisbury shareholders approved it on April 12, 2023.
