Chittenden Corp. has completed its acquisition of Worcester, Mass.-based Flagship Bank and Trust Co. for $37 million in stock.

Under the deal, Chittenden will issue 1.4 million shares of common stock and will pay almost twice book value for $270 million-asset Flagship, which will operate as a subsidiary of $1.5 billion-asset Chittenden.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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