MIDDLETOWN, CT, October 11, 2019, 5:00 P.M. Eastern Time – Liberty Bank, headquartered in Middletown, Connecticut, today announced that it has completed its acquisition of SBT Bancorp, Inc. (“SBT”), headquartered in Simsbury, Connecticut (OTC: PNK: “SBTB”), and its subsidiary, The Simsbury Bank & Trust Company, Inc. (“Simsbury Bank”).
Under terms of the merger agreement, shareholders of SBT will receive $51.32 in cash for each share of SBT that they own. The merger became effective at the close of business on October 11, 2019.
Simsbury Bank’s five (5) branch offices will operate as Liberty Bank offices, opening on Tuesday, October 15th. The merger with SBT will expand Liberty Bank’s footprint into new communities in Hartford County, including Avon, Bloomfield, Granby, and Simsbury, as well as a second branch office for Liberty Bank in West Hartford.
“This merger is a great fit for both organizations. Our employees share a strong commitment to providing the highest level of service to our individual and business customers” said Liberty Bank President and CEO David W. Glidden. “We are excited to expand Liberty’s presence in Hartford County, and build upon the outstanding service and dedication to the communities that both Simsbury Bank and Liberty Bank have provided for years.”
Mr. Glidden added that with the merger, “Customers will benefit from the convenience of Liberty Bank’s network of 60 branches, which extends throughout central Connecticut to the Connecticut shoreline. We look forward to building new relationships and providing our new customers with enhanced technologies and products. We are very pleased to welcome Simsbury Bank’s customers and employees to Liberty Bank.”
Established in 1825, Liberty Bank is Connecticut’s oldest bank, with over $5.8 billion in assets and 60 banking offices throughout the central, eastern, western and shoreline areas of the state. As a full-service financial institution, Liberty offers consumer and commercial banking, home mortgages, insurance, and investment services. Named ‘Top Workplace’ by the Hartford Courant for eight consecutive years, Liberty maintains a longstanding commitment to superior personal service and unparalleled community involvement.