The banks have announced decision for the merger in June this year, in a deal that is valued at around $78m.
As per the agreed terms, Naugatuck Valley Financial Corporation’s shareholders will receive $11 per share in cash.
The deal is yet to receive approval from the Connecticut Department of Banking and Naugatuck Valley Financial Corporation stockholders.
Based in Connecticut, Naugatuck Valley Savings and Loan is a community-oriented financial institution that offers financial service needs to consumers and businesses through its nine office branch network in Connecticut’s New Haven and Fairfield Counties.
This federal stock savings bank has assets of approximately $500m.
Liberty Bank president & CEO Chandler J. Howard previously said: "The merger of Naugatuck Valley Savings and Loan with Liberty Bank is a strong fit for the customers, communities and the staff of both organizations.
"Our organizational philosophies and cultures are very similar, with sharp focus on exceptional customer service, providing quality products and services to meet the ever changing needs of consumers and businesses, and our shared commitment of supporting the communities we serve. We are excited to work with the team at Naugatuck Valley Savings and Loan in creating an even stronger community bank franchise."
Founded in 1825, Liberty Bank is a mutual bank with assets of around $4bn and capital of $600m.
It provides financial services to individuals, businesses, not-for-profit organizations and government entities through its commercial and consumer lending divisions, corporate services, retail banking and investment management services.
Image: Liberty Bank is a mutual bank that provides financial services. Photo: courtesy of Joe Mabel / Wikimedia Commons.
