NORWICH, NY – NBT Bank is expanding its footprint in the Northeast with the acquisition of a Connecticut-based banking institution.
NBT Bancorp announced a merger with Salisbury Bancorp Monday in an all stock purchase valued at $204 million.
The financial institution is headquartered in Lakeville, Connecticut and operates 14 Salisbury Bank and Trust branches in northwest Connecticut, southwest Massachusetts and New York’s Hudson Valley.
The merger is expected to close in the second quarter of next year, pending necessary approvals.
NBT plans to retain much of Salisbury’s staff with its President and CEO joining the NBT executive management team.
NBT, which is based in Norwich, already operates 135 branches across New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Connecticut and Maine.