SBT Bancorp., parent of Simsbury Bank & Trust Co., says state and federal bank regulators have given final blessing to its $71 million all-cash combination with Middletown’s Liberty Bank.
SBT Bancorp Inc. posted lower second-quarter net income after absorbing expenses tied to the pending $71 million merger of its flagship Simsbury Bank & Trust into Middletown lender Liberty Bank.
Stockholders in the parent of Simsbury Bank & Trust moved a step closer to merging with Middletown’s Liberty Bank with their vote approving the $71 million combination.
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The darker side of merger-and-acquisition activity was on display with the recent announcement that Farmington Bank will shed more than a quarter of its workforce after its $544 million buyout by Bridgeport-based People's United Financial Inc. closes later this year.
In the past few weeks, two Connecticut community banks, each with well over 100 years of history serving central Connecticut, announced their sale to larger banks.