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August 15, 2023

NBT Bank completes acquisition of Salisbury Bank

Photo | NBT Bank NBT Bank’s Vermont regional headquarters in Burlington.

The parent company of New York-based NBT Bank announced it has closed its $204 million acquisition of Lakeville-based Salisbury Bancorp.

Salisbury Bancorp is the parent of Salisbury Bank, which has 13 branches in northwestern Connecticut, the Hudson Valley and southwestern Massachusetts. The bank reported $1.56 billion in assets and 168 employees as of March 31. 

The addition of Salisbury Bank gives NBT 153 banking offices in its seven-state footprint, the bank said. 

In connection with the deal closing, NBT has appointed former Salisbury Bank President and CEO Richard J. Cantele Jr. to its board of directors. He will also join the executive management team at NBT.

NBT is still a relatively new player in Connecticut. It announced plans to enter the state in 2019, and hired some well-known local bankers to help establish a regional office in Greater Hartford. 

Since that time, the bank has opened branches in West Hartford and Glastonbury.

NBT and Salisbury originally announced their all-stock deal in December. 

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