NBT Bancorp to acquire Salisbury Bank parent company for $204M
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NBT Bancorp, based in Norwich, N.Y., will acquire Salisbury Bancorp in a $204 million deal that will extend NBT’s reach in Connecticut and the Hudson Valley region of New York.
Salisbury Bank, which is headquartered in Lakeville, has 14 offices in northwestern Connecticut, the Hudson Valley and southwestern Massachusetts.
Following the merger, Salisbury locations will be renamed NBT Bank. NBT also plans to open a regional operations center in Lakeville.
The agreement was announced by NBT Bancorp, the parent company of NBT Bank, on Monday.
“We are very excited to partner with Salisbury and to extend our footprint into their attractive and complementary markets,” said NBT President and CEO John H. Watt Jr. “Importantly, the organizational values upheld by the Salisbury team align very well with those of NBT. We look forward to welcoming these dedicated financial professionals to NBT and growing our combined company together.”
NBT Bank has more than 135 banking locations with offices in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Connecticut and Maine.
Salisbury had assets of $1.51 billion, deposits of $1.33 billion and net loans of $1.18 billion as of Sept. 30.
The merger is expected to close in the second quarter of 2023, subject to approval by shareholders of Salisbury Bank and regulatory approvals.
Under the agreement, each outstanding share of Salisbury common stock will be converted into 0.7450 shares of NBT common stock, which is about $35 per Salisbury share.
NBT said the transaction will qualify as a reorganization for federal income tax purposes, so NBT common stock by shareholders of Salisbury is expected to be tax-free.
The president and CEO of Salisbury, Rick Cantele, will become a member of NBT’s executive management team. The companies also agreed that one director from Salisbury will be added to NBT’s board of directors.
NBT said it will maintain Salisbury’s current levels of charitable support and has pledged to contribute $500,000 in incremental support.
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