This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Salisbury Bank And Trust Company And Union Savings Bank Announce Agreement For The Purchase And Sale Of The Sharon, Connecticut Branch Of Union Savings Bank

Stocks in this article: SAL

LAKEVILLE, Conn. and DANBURY, Conn., Jan. 31, 2014 (GLOBE NEWSWIRE) -- Salisbury Bank and Trust Company, the wholly-owned bank subsidiary of Salisbury Bancorp, Inc. (Nasdaq:SAL) and Union Savings Bank, a state chartered mutual bank, announced today that they have executed a definitive agreement for the sale of the Sharon, Connecticut branch of Union Savings Bank. Under the agreement, Salisbury Bank and Trust Company will acquire the Sharon, Connecticut branch of Union Savings Bank and assume approximately $19 million in deposits at a premium of 2.32%.

"At Union Savings Bank, we periodically review our branch locations to evaluate the opportunity they present to best serve our customers. The Sharon branch is our northern most location, and several miles from other Union Savings Bank branches - our Kent branch is 17 miles away and our Goshen branch is 18 miles away. Since the Sharon branch is distant from these locations, we have not seen much growth in the past few years. As a result, we entered into discussions with Salisbury Bank and Trust, which has additional presence in that community and market, as we believe customers at this branch would be very well served by Salisbury Bank and Trust. I am pleased that we were able to come to an agreement with Salisbury," stated Francis G. Dattalo, President and CEO of Union Savings Bank, adding "All Union Savings Bank employees will be offered opportunities at other Union Savings Bank locations."

Richard J. Cantele, Jr., Salisbury's President and Chief Executive Officer said, "The purchase of this branch provides a unique opportunity for us. This location will enable us to consolidate our existing Sharon office with this office and will enable us to expand our capabilities to deliver financial products and services to the people and businesses of Sharon and nearby communities while offering greater convenience to new and prospective customers. It will enhance our position in the marketplace."

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs