Salisbury Bancorp (SAL) in Lakeville, Conn., has agreed to buy Riverside Bank in Poughkeepsie, N.Y.

Salisbury would pay roughly $28 million in stock for the $221 million-asset Riverside, the companies said in a joint Wednesday press release. Riverside shareholders would receive 1.35 shares of Salisbury common stock for each share of Riverside common stock, giving them a 37% stake in the combined company. The deal is expected to close in the third or fourth quarter.

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