ESB Bancorp in Easthampton, Mass., has agreed to buy Citizens National Bancorp in Putnam, Conn.
The $1 billion-asset ESB said in a press release Thursday that it will pay $53 million in cash for the $333 million-asset Citizens National. The deal is ESB's first acquisition, and it will provide the parent company of Easthampton Savings Bank with its first branches outside Massachusetts.
Citizens National has five branches in northeastern Connecticut, just across the southern Massachusetts border.
"We are very familiar with Citizens' market area and we are excited to grow through an expansion into the northeast Connecticut and central Massachusetts markets," Matthew Sosik, ESB's president and chief executive, said the in the release.
The acquisition is expected to close in the third quarter.
Kilpatrick Townsend & Stockton provided legal counsel to ESB. Sterne, Agee & Leach and Cranmore FitzGerald & Meany advised Citizens National.