/PRNewswire-FirstCall/ -- Salisbury Bancorp, Inc., (NYSE AMEX: SAL) announced today that its subsidiary, Salisbury Bank and Trust Company ("Salisbury Bank"), has completed its purchase of approximately
in deposits and
in loans and the branch office located at 10 Granite Ave.,
, National Association ("Webster Bank") as of the close of business on
December 4, 2009
. Pursuant to the Purchase and Assumption Agreement entered into by Salisbury Bank and
August 24, 2009
, Salisbury Bank assumed certain deposits, fixed assets, and certain loans. Salisbury Bank agreed to retain all branch-based employees of the Webster Canaan branch. As part of the transaction, Salisbury Bank has consolidated the new branch with Salisbury Bank's
branch conveniently located at 100 Main Street,
In the aggregate, the transaction included approximately
in deposits and approximately
in loans, as well as safe deposit box relationships associated with the branch.
"We are pleased to announce this addition to our Salisbury Bank franchise," commented
Richard J. Cantele, Jr.
, President and Chief Executive Officer. "The purchase solidifies our already strong presence in the town of
and forms a solid platform for Salisbury Bank's continued growth in the tri-state area."
"We welcome the customers and employees of
branch to the Salisbury Bank family and look forward to providing outstanding customer service to these customers," Cantele continued. "Salisbury Bank's spacious
office is conveniently located in the center of town and offers customers access to a full service branch as well as a commercial lender, mortgage advisor and trust officer to meet all of their financial needs. The branch also has two drive-up banking lanes along with a convenient walk-up ATM and ample parking."
"We are pleased with how smoothly this transaction proceeded. Our staff worked very closely with
to insure the transition for customers was straightforward and any inconvenience was kept to a minimum."