Simsbury-Based Financial Institution Sold to Liberty Bank

SIMSBURY, CT — Liberty Bank, headquartered in Middletown, announced Friday it has completed its acquisition of SBT Bancorp, Inc., headquartered in Simsbury, and its subsidiary, The Simsbury Bank & Trust Company, Inc., commonly known as Simsbury Bank.

Under terms of the merger agreement, shareholders of SBT will receive $51.32 in cash for each share of SBT they own. The merger became effective at the close of business Friday.

Simsbury Bank’s five branch offices will operate as Liberty Bank offices, beginning Tuesday, Oct. 15. 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” Liberty Bank President and CEO David W. Glidden said. “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.”

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," Glidden added. "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."