Salisbury Bank and Trust Company and Union Savings Bank Announce Agreement for
the Purchase and Sale of the Sharon, Connecticut Branch of Union Savings Bank
LAKEVILLE, Conn. and DANBURY, Conn., Jan. 31, 2014 (GLOBE NEWSWIRE) --
Salisbury Bank and Trust Company, the wholly-owned bank subsidiary of
Salisbury Bancorp, Inc. (Nasdaq:SAL) and Union Savings Bank, a state chartered
mutual bank, announced today that they have executed a definitive agreement
for the sale of the Sharon, Connecticut branch of Union Savings Bank. Under
the agreement, Salisbury Bank and Trust Company will acquire the Sharon,
Connecticut branch of Union Savings Bank and assume approximately $19 million
in deposits at a premium of 2.32%.
"At Union Savings Bank, we periodically review our branch locations to
evaluate the opportunity they present to best serve our customers. The Sharon
branch is our northern most location, and several miles from other Union
Savings Bank branches - our Kent branch is 17 miles away and our Goshen branch
is 18 miles away. Since the Sharon branch is distant from these locations, we
have not seen much growth in the past few years. As a result, we entered into
discussions with Salisbury Bank and Trust, which has additional presence in
that community and market, as we believe customers at this branch would be
very well served by Salisbury Bank and Trust. I am pleased that we were able
to come to an agreement with Salisbury," stated Francis G. Dattalo, President
and CEO of Union Savings Bank, adding "All Union Savings Bank employees will
be offered opportunities at other Union Savings Bank locations."
Richard J. Cantele, Jr., Salisbury's President and Chief Executive Officer
said, "The purchase of this branch provides a unique opportunity for us.This
location will enable us to consolidate our existing Sharon office with this
office and will enable us to expand our capabilities to deliver financial
products and services to the people and businesses of Sharon and nearby
communities while offering greater convenience to new and prospective
customers.It will enhance our position in the marketplace."
Mr. Cantele further commented, "Salisbury Bank and Trust Company will work
closely with Union Savings Bank to ensure a smooth transition, which we expect
to be seamless for customers.We look forward to offering our expanded
customer base a comprehensive suite of products and services with attractive
terms and rates and friendly quality service they have come to expect."
Mr. Cantele concluded, "We consider this to be a very attractive transaction
at an opportune time, which enhances our strategic objectives and provides
enhanced efficiencies.We anticipate that the transaction will be accretive to
earnings on a substantially immediate basis."
The transaction, which has been approved by the Boards of Directors of both
Banks, is subject to approval by regulatory authorities.The transaction is
expected to be completed during the second quarter of 2014.
Cranmore, FitzGerald & Meaney served as legal counsel to Salisbury and
Hinckley, Allen & Snyder served as legal counsel to Union Savings.
About Union Savings Bank
Established in 1866 and headquartered in Danbury, Connecticut, Union Savings
Bank is a $2.3 billion mutual bank dedicated to being the bank of choice. As a
full-service financial institution, Union Savings Bank provides banking,
mortgage, investment, trust and insurance products throughout western
Connecticut with 27 offices in Bethel, Brookfield, Canton, Danbury, Goshen,
Kent, Litchfield, Marble Dale, Monroe, New Fairfield, New Milford, Newtown,
Ridgefield, Roxbury, Southbury, Torrington and Washington Depot. The bank
provides financial services to individuals, businesses, not-for-profit
organizations and government entities through its commercial, residential and
consumer lending, treasury services, retail banking and wealth management
About Salisbury Bank and Trust Company
Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust
Company; a Connecticut chartered commercial bank serving the communities of
northwestern Connecticut and proximate communities in New York and
Massachusetts, since 1848, through full service branches in Canaan, Lakeville,
Salisbury and Sharon, Connecticut, South Egremont and Sheffield, Massachusetts
and Dover Plains and Millerton, New York. The Bank offers a full complement of
consumer and business banking products and services as well as trust and
wealth advisory services.
CONTACT: Salisbury Bank:
Richard J. Cantele, Jr.
Union Savings Bank:
Francis G. Dattalo
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