NBT Bancorp in Norwich, N.Y., has agreed to buy Salisbury Bancorp in Lakeville, Conn.
The $11.6 billion-asset NBT said in a press release that it will pay $204 million in stock for the $1.5 billion-asset Salibury. The deal is expected to close in the second quarter.
Salisbury has 14 branches, $1.3 billion of deposits and $1.2 billion of loans.
“The organizational values upheld by the Salisbury team align very well with those of NBT,” John Watt Jr., NBT’s president and CEO, said in the release.
Rick Cantele, Salisbury’s president and CEO, will join NBT’s executive management team.
NBT said it plans to establish a regional operations center in Lakeville, Conn. One Salibury director will join NBT’s board.
Piper Sandler and Hogan Lovells advised NBT. Janney Montgomery Scott and Updike, Kelly & Spellacy advised Salisbury.