Chittenden Corp. said Wednesday after markets closed that it has a deal to buy Vermont Financial Services Corp., Brattleboro, for $454 million in stock. The price equals 2.12 times Vermont Financial's book value.

Chittenden would exchange 1.07 shares of its common stock for each share of Vermont Financial.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.