NEW MILFORD, Conn.-- New Milford Bank and Trust Co. and Candlewood Bank and Trust Co. said their boards have approved the merger of the two banks.

In a joint press release, the companies said that as part of the transaction, Candlewood shareholders will receive $9.56 a share in cash, subject to adjustments.

The surviving entity, which will carry the name of the New Milford bank, will have assets of about $ 250 million.

It is anticipated that the officers and employees of Candlewood continue as officers and employees of the combined entity, the companies said.

The merger is subject to approval by regulatory authorities and the shareholders of both banks.

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