This Day On The Street
Continue to site
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

Salisbury Bancorp, Inc. And Riverside Bank Announce A Strategic Merger

LAKEVILLE, Conn., and POUGHKEEPSIE, N.Y., March 19, 2014 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. ("Salisbury") (Nasdaq:SAL), headquartered in Lakeville, Connecticut and Riverside Bank, ("Riverside") headquartered in Poughkeepsie, New York announced today that they have entered into a definitive agreement and plan of merger in an all-stock transaction valued at approximately $28 million, based on the closing price of Salisbury common stock on March 18, 2014, pursuant to which Riverside will merge into Salisbury Bank and Trust Company, the wholly-owned subsidiary of Salisbury ("Salisbury Bank").

Based on financial results as of December 31, 2013, the combined organization would have approximately $808 million in total assets, $630 million in total loans and $682 million in total deposits with 13 branch locations across Connecticut, Massachusetts and New York. On a pro forma basis, the combined bank will have a top 10 deposit market share in the combined four-county market it serves and a top 2 deposit market share among the community banks and bank holding companies serving such four-county market.

The merger is expected to be accretive to both Salisbury's and Riverside's earnings per share by over 10 percent with fully phased in cost savings, excluding the impact of potential revenue enhancement opportunities.  Additionally, Salisbury anticipates the transaction to be accretive to its tangible common equity ratio, with the combined company's regulatory capital ratios well in excess of regulatory minimums to support continued growth.

In the merger, Riverside shareholders will receive 1.350 shares of Salisbury Bancorp, Inc. common stock for each share of Riverside Bank common stock. Upon closing, Riverside shareholders will own approximately 37 percent of the stock in the combined company.

Richard J. Cantele, Jr., President and Chief Executive Officer of Salisbury and Salisbury Bank said, "We are delighted to announce our plans to partner with Riverside.  This merger presents a unique opportunity to solidify our current presence in New York's Dutchess County and provides an entrance into Orange County.  These counties are attractive and growing banking markets and ones we have had interest in for some time."  

Mr. Cantele further commented, "This is a great fit from a cultural and strategic perspective. Not only do our core banking principles, customer focus and cultures align, but our branch networks provide a natural extension of each company's stand-alone community presence. Additionally, Riverside's strong commercial lending platform offers us greater loan portfolio diversification and cross-sale opportunities that complement our residential lending, trust and wealth management businesses. We believe the strategic value of this transaction will enhance our franchise and create substantial value for the shareholders of both entities."

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs