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Salisbury Bank’s three Berkshires-area branches are set to be converted as NBT Bank offices on Aug. 14 as the merger between the two banks received a go signal from government regulators.
Norwich, New York-based NBT said on Monday that its merger with Lakeville-based Salisbury Bank and Trust Co. was approved by the OCC and the Connecticut State Banking Department. NBT also received an application waiver from the Federal Reserve Bank of New York.
The $204 million merger deal is expected to be finalized on Aug. 11. After the close, Salisbury branches will undergo a weekend systems conversion to open as NBT Bank branches on Aug. 14. The $1.5 billion-asset Salisbury has 10 branches across Connecticut and New York, plus locations in downtown Great Barrington, Sheffield and South Egremont.
NBT already has a branch in a shopping plaza south of Great Barrington’s commercial core, along with locations in Lee, North Adams and two in Pittsfield. NBT did not disclose whether it plans to close one of the two Great Barrington branches.
“Our integration team, made up of employees from Salisbury and NBT, has worked diligently since our announcement to plan a successful transition for Salisbury customers. The team is poised and ready to execute our plan in the weeks ahead,” NBT President and CEO John H. Watt Jr. said in a statement.
“We are pleased to have received the required approvals that will enable NBT to welcome new customers, employees and shareholders from Salisbury. Through our integration, we will bring together two high-quality community banks and offer Salisbury customers a larger branch network and a broader variety of financial services,” he added.
NBT and Salisbury struck an agreement to merge on Dec. 5 last year, where Salisbury will merge with and into NBT in an all-stock transaction.
Salisbury shareholders approved the proposed merger last April 12. In SEC filings, the bank said it was pursuing the merger due to expected difficulties filling executive positions in its commercial lending team and a perceived limited ability to grow the bank.
The $11.6 billion-asset NBT has 140 branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut.
