Riverside Bank and Salisbury Bank have a green lightStaff writer ▼ | November 8, 2014
The Connecticut Department of Banking and the Federal Deposit Insurance Corporation have approved the applications to merge Riverside Bank of Poughkeepsie, New York with Salisbury Bank of Lakeville, Connecticut.
$28 million A stock-for-stock transaction
On March 19, 2014, Salisbury and Riverside Bank publicly announced the merger, which is a stock-for-stock transaction valued at approximately $28 million. On October 29, 2014 shareholders of both Salisbury and Riverside Bank approved the merger.
Rick Cantele stated, "John and I are pleased to obtain shareholder and regulatory approvals for the merger. We firmly believe that the combination of our well-respected banks is the right decision for our shareholders, customers, employees and the communities we serve.
"We will be stronger together than we are separately and are committed to making this merger a success for all of our stakeholders."
Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company, a Connecticut chartered commercial bank serving the communities of northwestern Connecticut and proximate communities in New York and Massachusetts, since 1848, through full service branches in Canaan, Lakeville, Salisbury and Sharon, Connecticut, Dover Plains and Millerton, New York and Great Barrington, South Egremont and Sheffield, Massachusetts.
Riverside Bank is a New York State chartered commercial bank serving small and medium sized businesses, professionals and individuals in the Hudson Valley with branches in Poughkeepsie, Red Oaks Mill, Newburgh and Fishkill. ■