Salisbury Bancorp has announced that its subsidiary Salisbury Bank and Trust – a Connecticut-based chartered commercial bank, has entered into a purchase and assumption agreement to purchase the Canaan, a Connecticut branch of Webster Bank. It is a part of its strategic initiative plan to improve its market share in the tri-state area.
It has been reported that the transaction includes approximately $17 million in deposits and approximately $4 million in loans. Reportedly, the Salisbury Bank will assume certain deposits, fixed assets, and certain loans. It has also agreed to retain all branch-based employees of the Webster Canaan branch as part of the transaction.
Rick Cantele, president and CEO, Salisbury Bancorp, said: “We welcome the customers and employees of Webster Bank’s Canaan branch to the Salisbury Bank family. We anticipate that the Webster customers will have a smooth transition into our suite of products and services.”
