Merger costs cut Simsbury Bank’s 2Q net
Photo | Simsbury Bank
Simsbury Bank at 1232 Farmington Ave. in West Hartford.
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.
For three months ended June 30, SBT said Tuesday, in what likely was its final quarterly earnings report as a publicly traded company, it netted $618,000, or 45 cents a diluted share, down from about $1 million, or 73 cents a share, netted the same quarter in 2018.
Without one-time merger related expenses and a write-down, the bank said net would have been over $1 million, or 78 cents a diluted share.
On March 21, $481 million-asset SBT and Liberty, with $5.1 billion in assets, announced their proposed combination to deepen Liberty’s Hartford County community-banking footprint, particularly in SBT’s home turf in the Farmington Valley.
Stockholders of both institutions have approved the merger, which pending customary state and federal regulatory reviews and approvals, is expected to close in October.
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