Thank you!
Your support is sustaining the future of local news in our communities.

Salisbury Bank & Trust takes on Riverside Bank

SALISBURY — Just months after announcing that it would purchase a branch of the Union Savings Bank in the Tri-state region, Salisbury Bancorp (which is the parent company of Salisbury Bank and Trust) has announced that it will merge with New York state’s Riverside Bank.The announcement was made March 19. Regulators as well as shareholders in both banks must approve the merger, which is likely to happen in autumn of this year.“We’re optimistic” about getting the approvals, said Rick Cantele, who is president and CEO of both Salisbury Bancorp and Salisbury Bank and Trust (and a Salisbury resident). “We think it’s a good opportunity for shareholders at both companies.”He said that the recent steady growth of the company is in fact designed to help the bank stay “strong and relevant in today’s challenging banking environment. Narrow margins combined with escalating regulatory and technology costs make it increasingly more difficult for smaller banks to survive. “We’re taking these steps in part to prolong our ability to stay independent. I believe that we can more effectively control our own destiny by being a high-performing bank, and that requires a certain degree of growth.”There are no immediate plans for further expansion, he said. “We will be focused on successfully integrating our new branch in Great Barrington, the Union Savings Bank branch in Sharon, and Riverside Bank. We have a strong culture of service at Salisbury, in fact our primary core value is: service to our customer above all else. Our team takes great pride in the service they provide our customers, and our focus on service will continue to be a top priority.“Our staff in the branches and on the phones will not change as a result of these projects.”Riverside is based in Poughkeepsie and has four branches in Dutchess and Orange counties. Its branches will now go under the name of Riverside Bank, a Division of Salisbury Bank and Trust.Cantele described Riverside as primarily a business bank. When asked if Salisbury Bank and Trust customers can use Riverside’s ATM at no extra cost, he said that the company does not have ATMs. “Our customers will be able to use their branches,” he said, and Riverside customers will be able to use Salisbury Bank and Trust machines at no extra cost.Salisbury Bank and Trust has a total of nine branches in Connecticut, New York and Massachusetts, including a new Great Barrington office that will open in May. Cantele said that the two banks have been in discussions for several years about joining forces. Both are community-oriented banks that emphasize customer service. “Our primary core value is service to the customer,” Cantele said. “That will not change as a result of this merger. Our staff in the branches and the back offices will stay the same.”Salisbury Bank employees in theory will now also have more opportunities for career growth, Cantele said.“From a customer standpoint, we will take the best of what Riverside offers in terms of services and products. This will allow us to offer more robust commercial lending products, for example. That will help the small businesses we work with. Riverside customers will have access to our residential mortgage lenders and to our wealth management services.”Cantele said he believes the new partnership will be “accretive to earnings, which will allow us in turn to provide more loans and make more contributions to the communities we serve. We think this will be good for our communities, our customers, our employees and our shareholders.”Salisbury Bancorp will acquire Riverside in exchange for $28 million in stock that will go to the New York bank’s shareholders.In February, Salisbury Bancorp announced that it was purchasing the Sharon branch of Union Savings Bank. He said that sometime in June the Sharon office of Salisbury Bank on Low Street will close; it will move into the Union Savings Bank office, on Main Street across from the shopping plaza, which will become the new Sharon branch office for Salisbury Bank and Trust.Cantele, who is 54 and lives in Salisbury, has worked at Salisbury Bank and Trust for more than 32 years, since June 1981, shortly after his graduation from Fairfield University.

Latest News

Jam leaves Sharon, prepares for Salisbury opening

Jam Food Shop’s future home at 19 Main St. in Salisbury. The shop ended service in Sharon on Oct. 3, but an opening date for the new location has yet to be set.

Patrick Stachniak

SALISBURY — Jam Food Shop has officially closed its Sharon location, with its much-anticipated standalone store still under renovation in Salisbury.

Jam Food Shop, previously operating out of the Sharon Farm Market, is in the middle of renovating its new location at 19 Main St. Construction crews are renovating the former Neo Restaurant and Bar space as locals await the deli’s opening.

Keep ReadingShow less

Dinner with the dog

Dinner with the dog
Georgie, enjoying a late-summer “pup cup” on the porch at Grassland Dessert Cafe in Lakeville.
Natalia Zukerman

Dog owners know the dilemma: You’re out for the day with your four-legged sidekick when hunger strikes. Fortunately, a number of area restaurants, cafés and breweries welcome dogs, mostly at outdoor tables. Policies and outdoor seating can change with the season, so calling ahead is always a good idea.

The White Hart and Provisions in Salisbury is particularly pet-friendly. The inn welcomes pets on request, and its front porch and sprawling lawn make inviting places to settle in with a canine companion. They even welcome well-behaved patrons — bipedal and quadruped alike — in the cozy dining area.

Keep ReadingShow less

A day in the life of a rescue dog

A day in the life of a rescue dog

Marsala is eager to go home with you.

Jennifer Almquist

“It’s unbelievable that this sweet, loving boy hasn’t found his home yet,” said Tiffany Lemelin, shelter manager of The Little Guild, whose mission is to rescue, love and heal homeless cats and dogs. She smiled at the small dog wagging his tail. “This is one of the most deserving dogs you could ever meet, with so much love to give.”

Marsala is an energetic, 1-year-old, 45-pound black Labrador mix waiting to be adopted. He arrived March 25 as a stray named “Chicken” from Toccoa, Georgia.

Keep ReadingShow less
google preferred source

Want more of our stories on Google? Click here to make us a Preferred Source.

A second chance in Wingdale

A second chance in Wingdale

Sampson, a playful and independent blind hound mix, explores the rescue’s large yard.

L. Tomaino

Meade Canine Rescue and Sanctuary is not the average rescue. Situated on a quiet dirt road on 8 acres in Wingdale, the dogs living there are, for the most part, uncaged, roaming the yard, sleeping in the house, resting in the shade of a tree or lounging in the open van that often takes them for rides.

“We go on lots of adventures,” said the rescue’s founder, Charlotte Meade.

Keep ReadingShow less
The bear necessities of living in bear country

A bear outside Cornwall Consolidated School in West Cornwall.

D.H. Callahan
Take down bird feeders when bears are active. Secure garbage cans left outside, and never leave pet food or trash on porches, screened-in or otherwise.

This here is bear country. In fact, Connecticut has an unusually high rate of bear home entries compared with neighboring states. So far this year, the state has documented more than 60 home entries, and bears have been spotted in all 169 towns and cities.

Bears are also part of life in neighboring Dutchess County. But don’t worry. It’s not as bad as it sounds.

Keep ReadingShow less

When your pet needs help after hours

When your pet needs help after hours

Newtown Veterinary Specialists

Provided

Anyone who has ever had a dog swallow something it shouldn’t, a cat suddenly struggle to breathe or a pet get hurt late at night knows how quickly panic can set in. In our corner of the world, there’s an added complication: emergency veterinary care may mean getting in the car and driving some distance.

That makes it worth knowing your options before you need them — and knowing the difference between a local veterinary practice that can handle an urgent case and a fully staffed, 24-hour emergency hospital.

Keep ReadingShow less
google preferred source

Want more of our stories on Google? Click here to make us a Preferred Source.

google preferred source

Want more of our stories on Google? Click here to make us a Preferred Source.