Salisbury Bancorp in Lakeville, N.Y., has agreed to buy a branch in New Paltz, N.Y., from ES Bancshares in Newburgh, N.Y.
The $928 million-asset Salisbury said in a press release Thursday that its bank will also gain $31 million in deposits and about $6.8 million in loans. The deal is expected to close in the second quarter.
The branch “will expand our capabilities to deliver financial products and services, including trust and wealth advisory services, to the people and businesses of Ulster County and nearby communities,” Richard Cantele Jr., Salisbury’s president and CEO, said in the release.
FIG Partners and Cranmore, FitzGerald & Meaney advised Salisbury. FinPro Capital Advisors and Luse Gorman advised ES Bancshares, the parent of the $247 million-asset Empire State Bank.