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October 12, 2019

Liberty Bank closes $71M purchase of Simsbury Bank

By Greg Bordonaro

Middletown's Liberty Bank late Friday completed its $71 million purchase of Simsbury Bank & Trust, a deal that combines two of central Connecticut’s leading community lenders.

Liberty Bank, with $5.8 billion in assets, is paying $51.32 for each share in SBT Bancorp, Simsbury Bank’s $480 million-asset parent. 
Simsbury Bank’s five branches will operate as Liberty Bank offices, opening Tuesday, Oct. 15. 

The deal expands Liberty Bank’s footprint into new communities in Hartford County, including Avon, Bloomfield, Granby, and Simsbury, as well as a second branch office for Liberty Bank in West Hartford.  The bank now has 60 branches in the state.

“This merger is a great fit for both organizations,” said Liberty Bank President and CEO David W. Glidden. “Our employees share a strong commitment to providing the highest level of service to our individual and business customers.” 

This is the latest merger in a community banking landscape that continues to consolidate.

Last October, Bridgeport super-regional lender People's United Bank paid $544 million to acquire former Farmington Bank. People’s United is also in the process of buying United Bank for $759 million.

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