NBT Completes $204M Merger with Salisbury

New York-based NBT Bancorp has successfully completed its merger with Connecticut’s Salisbury Bancorp for approximately $204 million.

The merger adds Salisbury’s $1.5 billion of assets, $1.3 billion of deposits, and $1.2 billion loan book to NBT’s balance sheet. It will also expand the group’s branch network with 13 offices across northwestern Connecticut, the Hudson Valley region of New York, and southwestern Massachusetts, bringing its total network to 153 sites.

In connection with the merger, which was first announced in July 2022, NBT has appointed former president and CEO of Salisbury, Richard Cantele Jr, to its board of directors. He will also join NBT’s executive management team.

Cantele said: “We are excited about the consummation of our strategic merger with NBT. We believe Salisbury shareholders will benefit from the additional scale and expanded suite of products and services offered by NBT.”

Elsewhere, Illinois-based First Mid Bancshares has completed its acquisition of Wisconsin’s Blackhawk Bancorp.

The acquisition has brought Blackhawk’s $1.3 billion in total assets, $1.2 billion in deposits and $784 million in loans into First Mid, which now has approximately $8 billion in total assets.

In conjunction with the acquisition, Blackhawk CEO Todd James has joined the First Mid Board of Directors.

Separately, Savile Capital Group — a Wyoming-based wealth management company — is to acquire Farmers State Bankshares, parent company of Wyoming Bank & Trust.

Wyoming Bank & Trust has total assets of $295 million, and two locations in Cheyenne and Burns.

Jeff Wallace, Wyoming Bank & Trust’s CEO, will remain in post, according to a press release, and continue to oversee all daily operations. Savile’s David Wasitowski will become chairman of Farmers State Bankshares.

“We have been looking for a banking partner in Wyoming and wanted to team up with a well-run and well-established bank,” Wasitowski said. “We believe the banking and trust environment in Wyoming is an excellent place to grow our business and look forward to providing new opportunities to our existing customers and to Wyoming Bank & Trust customers.”