Salisbury Bank and Trust (SAL) in Lakeville, Conn., has agreed to purchase a branch from Union Savings Bank in Danbury, Conn.
Salisbury will buy Union's branch in Sharon, Conn., and its deposits of $19 million at a premium of 2.32%, the banks said in a press release Friday. The sale is expected to close in the second quarter.
The deal will allow Salisbury "to consolidate our existing Sharon office with this office," Richard Cantele, its president and chief executive, said in the release. "It will enhance our position in the marketplace."
All employees at Union's Sharon office will be offered opportunities at other Union branches, according to Francis Dattalo, Union's president and CEO.
The $2.3 billion-asset Union currently has 28 branches, all of which are located in Connecticut, according to data from the Federal Deposit Insurance Corp. Salisbury has $586 million in assets and eight branches in Connecticut, Massachusetts and New York.
Cranmore, FitzGerald & Meaney served as legal counsel to Salisbury. Hinckley, Allen & Snyder were legal counsel to Union Savings.