SBT to purchase Union Savings Bank branch

SHARON — Salisbury Bank and Trust (SBT) announced last week that it will purchase the Union Savings Bank branch in Sharon. SBT will “assume approximately $19 million in deposits at a premium of 2.32 percent,” according to a press release from the bank.Union is a state-chartered mutual bank with headquarters in Danbury, Conn. It was created in 1866 and has 18 branches across the northern and western part of the state. Kent will now be the only town in the Region One School District with a Union Savings branch. Union Bank President and CEO Francis G. Dattalo said in the news release that, “At Union Savings Bank, we periodically review our branch locations to evaluate the opportunity they present to best serve our customers. The Sharon branch is our northern most location, and several miles from other Union Savings Bank branches — our Kent branch is 17 miles away and our Goshen branch is 18 miles away. “Since the Sharon branch is distant from these locations, we have not seen much growth in the past few years. As a result, we entered into discussions with Salisbury Bank and Trust, which has additional presence in that community and market, as we believe customers at this branch would be very well served by Salisbury Bank and Trust.”Dattalo added that, “All Union Savings Bank employees will be offered opportunities at other Union Savings Bank locations.”Salisbury Bank and Trust has expanded significantly in recent years and has branches in Lake­ville, Salisbury, Sharon and North Canaan, Sheffield and South Egremont in Massachusetts and Dover Plains and Millerton in New York.“The purchase of this branch provides a unique opportunity for us,” SBT President and CEO Rick Cantele said in the news release. “This location will enable us to consolidate our existing Sharon office with this office and will enable us to expand our capabilities to deliver financial products and services to the people and businesses of Sharon and nearby communities while offering greater convenience to new and prospective customers. It will enhance our position in the marketplace.“Salisbury Bank and Trust Company will work closely with Union Savings Bank to ensure a smooth transition, which we expect to be seamless for customers,” he said. “We look forward to offering our expanded customer base a comprehensive suite of products and services with attractive terms and rates and friendly quality service they have come to expect.”SBT is a subsidiary of Salisbury Bancorp and is a state-chartered commercial bank. It was founded in 1848.