NORWICH, N.Y. — NBT Bancorp Inc., (NASDAQ: NBTB) announced it will complete its acquisition of Connecticut–based Salisbury Bancorp, Inc. on Aug. 11, now that it received regulatory approval for the deal from the U.S. Office of the Comptroller of the Currency and the Connecticut State Banking Department.
NBT also received an application waiver from the Federal Reserve Bank of New York.
After a weekend systems conversion, Salisbury Bank locations will open as NBT Bank, N.A. branch offices on Aug. 14. NBT previously announced plans to establish a regional operations center in Lakeville, Connecticut. Additionally, one director from Salisbury will be added to the board of NBT Bancorp at closing.
NBT and Salisbury entered an agreement on Dec. 5, 2022, for the all-stock transaction valued at $204 million. Salisbury shareholders approved the deal on April 12. At that time, NBT projected the transaction would add about 9.8 percent to first full-year earnings per share and boost cash earnings per share by 4.9 percent, excluding the impact of purchase-accounting adjustments.
Headquartered in Lakeville, Salisbury has 13 branches in northwestern Connecticut, the Hudson Valley region of New York, and southwestern Massachusetts.
Norwich-based NBT Bancorp is a financial holding company that operates NBT Bank, N.A., a full-service bank, as well as Rochester–based EPIC Retirement Plan Services, a benefits-administration firm, and NBT Insurance Agency, a full-service insurance agency.