NBT Bank saw its quarterly profits dragged down by higher funding costs as customers continue to seek higher-yield deposits, despite the bank’s gains in loans and deposits from its August acquisition of Salisbury Bank.
NBT Bank has added 13 Salisbury Bank branches to its footprint after the two banks completed their merger on Aug.11.
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.
The merger between Connecticut-based Salisbury Bank and New York-based NBT Bank has moved a step closer to completion after Salisbury’s shareholders voted in favor of the deal. Both banks have branches in Berkshire County.
The parent companies of New York-based NBT Bank and Connecticut-based Salisbury Bank, which both have branches in Berkshire County, have agreed to merge.
