Salisbury Bank and Trust Co., parent of Litchfield County’s Salisbury Bank, said it has reached an agreement to acquire New York’s Riverside Bank.
The combined organization would have approximately $808 million in total assets, $630 million in loans, $682 million in deposits and 13 branches in Connecticut, New York and Massachusetts.
The all-stock transaction with the Poughkeepsie lender is valued at approximately $28 million. Riverside shareholders will receive 1.35 shares of Salisbury stock for each share they hold.
If the deal is approved, Riverside CEO John M. Davies will become president of Salisbury’s New York Region. Charles M. Andola, George Banta, Michael D. Gordon, Polly Diane Hoe and Rudolph P. Russo would also join Salisbury’s board.
Riverside said it has already secured the votes of more than 52 percent of its investors for the merger.
The banks hope to close the deal in the second half of the year.