Liberty Bank has agreed to acquire SBT Bancorp, and its subsidiary, The Simsbury Bank & Trust Company, in a transaction worth about $71m.
Image: Liberty Bank to acquire SBT Bancorp and its subsidiary. Photo: Courtesy of IndypendenZ/FreeDigitalPhotos.net.
As per the agreement terms, Liberty Bank will pay each shareholder of SBT Bancorp, $51.32 per share in cash. The merger agreement was approved by the boards of all the three banks.
The transaction is subject SBT Bancorp’s shareholder approval, along with customary regulatory approvals including State of Connecticut Department of Banking and the Federal Deposit Insurance.
With all the necessary approvals in place, the transaction is expected to be closed this September.
Liberty Bank is a chartered mutual savings bank with $5.1bn in assets and more than $738m in capital.
The bank serves its customers across Connecticut through its 55 branches, offering financial services to individuals, businesses, not-for-profit organizations and government entities through its commercial and consumer lending divisions, corporate services, retail banking and investment management services.
Liberty Bank president and CEO David Glidden said: “The merger with The Simsbury Bank & Trust Company will expand our presence into new communities in Hartford County, including Avon, Bloomfield, Granby and Simsbury.
“We look forward to the opportunity to expand our footprint, and through continued employee teamwork, will remain committed to exceeding the expectations of customers and giving back to the communities we serve. Simsbury Bank is an outstanding bank and we are excited to draw upon their talented team of banking professionals and their strengths in small business banking. The philosophy, culture, and footprint of these two franchises fit very well together.”
Simsbury, Connecticut-based SBT Bancorp is the parent company of The Simsbury Bank & Trust, a chartered bank with $480m in assets and has five service branches in Hartford County.
SBT Bancorp and The Simsbury Bank & Trust Company president and CEO Martin Geitz said: “In the years since Simsbury Bank opened its doors in April 1995, we have grown to become the leading bank by many measures in the markets we serve and one of the top performing banks in Connecticut.
“As we look to the future, we believe that in becoming part of Liberty Bank our shareholders, customers, employees and communities will benefit from Liberty’s commitment to Connecticut, and the advantages that its scale brings in technology, commercial lending capacity and competitiveness.”