News
July 12, 2023NBT Bancorp Inc. Receives Regulatory Approval, Announces Date for Merger with Salisbury Bancorp, Inc.
NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) announced that it has received regulatory approval to complete the proposed merger of Salisbury Bancorp, Inc. (“Salisbury”) with and into NBT and Salisbury Bank and Trust Company (“Salisbury Bank”) with and into NBT Bank, National Association (“NBT Bank”) (the “Merger”). The Office of the Comptroller of the Currency and the Connecticut State Banking Department both approved the Merger, and NBT received an application waiver from the Federal Reserve Bank of New York.
The Merger is expected to close on August 11, 2023, subject to the satisfaction of customary closing conditions. A weekend systems conversion will follow with locations of Salisbury Bank opening as NBT Bank offices on August 14, 2023.
“Our integration team, made up of employees from Salisbury and NBT, has worked diligently since our announcement to plan a successful transition for Salisbury customers. The team is poised and ready to execute our plan in the weeks ahead,” said NBT President and Chief Executive Officer John H. Watt, Jr. “We are pleased to have received the required approvals that will enable NBT to welcome new customers, employees and shareholders from Salisbury. Through our integration, we will bring together two high-quality community banks and offer Salisbury customers a larger branch network and a broader variety of financial services.”
On December 5, 2022, NBT and Salisbury entered into an Agreement and Plan of Merger pursuant to which Salisbury will merge with and into NBT in an all-stock transaction. Salisbury shareholders approved the proposed merger on April 12, 2023. Salisbury is a premier community bank franchise headquartered in Lakeville, CT. Its primary subsidiary, Salisbury Bank, is a Connecticut-chartered consumer and commercial bank with 13 banking offices in northwestern Connecticut, the Hudson Valley region of New York, and southwestern Massachusetts.
