WATERBURY, Conn. - Centerbank and Bank of Waterbury said they reached an agreement in principle for Centerbank to acquire Bank of Waterbury for $2 million of common stock.
Centerbank will issue one share of stock for every 5.76 shares of Waterbury stock issued and outstanding. The share ratio is based on a $10 per share price for Centerbank at the time of signing, the companies said.
The acquisition is contingent on a definitive' agreement and the approval of directors of both companies, Waterbury shareholders, and regulators.
The acquisition is expected to increase Centerbank's assets by $51 million and the bank's share of the Waterbury, Conn., market to 26.7%.