LAKEVILLE, Conn., Dec. 9 /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 $11 million in deposits and $2.5 million in loans and the branch office located at 10 Granite Ave., Canaan, Connecticut from Webster Bank, 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 Webster Bank on 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 Canaan branch conveniently located at 100 Main Street, Canaan, Connecticut.
In the aggregate, the transaction included approximately $11 million in deposits and approximately $2.5 million 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 Canaan and forms a solid platform for Salisbury Bank's continued growth in the tri-state area."
"We welcome the customers and employees of Webster Bank's Canaan branch to the Salisbury Bank family and look forward to providing outstanding customer service to these customers," Cantele continued. "Salisbury Bank's spacious Canaan 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 Webster Bank to insure the transition for customers was straightforward and any inconvenience was kept to a minimum."