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.
Vermont Financial has $2.1 billion of assets and operates 64 branches in Vermont, southern New Hampshire, and western Massachusetts. Chittenden, which also has $2.1 billion of assets, is in Vermont and Massachusetts.
Chittenden said it expects to have to divest some branches to gain regulatory approval for the deal, which is expected to close in the second quarter.