Union Bancshares, Morrisville, Vt., said it plans to buy Citizens Savings Bank and Trust Co., St. Johnsbury, Vt., for about $22.3 million in cash and stock.

Union, the $191 million-asset parent of Union Bank, would exchange 6.52 shares of its stock for each share of Citizens. The deal equals $146.70 per share and represents 2.09 times Citizens' book value.

The sale is expected to close in the third quarter. Citizens, with $99 million of assets, would keep its name but operate as a Union subsidiary.

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