New Milford, Conn.-based NMBT Corp. in a $69.4 million stock transaction.
The deal would nearly double Summit's branch presence in Connecticut, the company said. NMBT Corp. has $392 million of assets and 10 offices in Fairfield, Litchfield, and New Haven counties in affluent southern Connecticut, where Summit and other out-of-state banks have been aggressively expanding.
In April, $35 billion-asset Summit formed Summit Bank Connecticut in completing its acquisitions of NSS Bancorp and New Canaan Bank and Trust. Those deals were Summit's entry to Connecticut.
Summit president Robert G. Cox said this spring that the company wanted to expedite amassing more than $1 billion of assets in the state.
Upon completion of the NMBT purchase, Summit would have $1.3 billion of assets, $908 million of deposits, and 23 branches in Connecticut. The stock is valued at $26 per share. -- Liz Moyer