Chittenden Corporation, a bank holding company, has announced that it has completed its acquisition of Community Bank & Trust Company.
Chittenden issued an aggregate of approximately 3.1 million shares of Chittenden common stock and paid approximately $30.9 million in cash for all outstanding shares of Community Bank.
Paul Perrault, Chittenden’s chairman, president and CEO, said: We are delighted to welcome Community Bank’s customers and employees into Ocean Bank, one of Chittenden’s family of banks. Their legacy of superb customer service will fit nicely into our culture, and result in great opportunities for them both.