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."