Liberty Bank has signed a definitive agreement to acquire SBT Bancorp, , a bank holding company headquartered in Simsbury, Connecticut, for $71m.

The acquisition will see SBT Bancorp and its subsidiary The Simsbury Bank & Trust Company merge into Liberty Bank.

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Under the terms of the agreement, each SBT Bancorp shareholder will receive $51.32 for each share they hold.

A Connecticut chartered bank, The Simsbury Bank & Trust Company has assets of around $480m and operates five branches.

SBT Bancorp acquisition is expected to further bolster the presence of Liberty Bank in the state of Connecticut.

Liberty Bank president and CEO David Glidden said: “We look forward to the opportunity to expand our footprint, and through continued employee teamwork, will remain committed to exceeding the expectations of customers and giving back to the communities we serve.”

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SBT Bancorp president and CEO Martin Geitz said: “As we look to the future, we believe that in becoming part of Liberty Bank our shareholders, customers, employees and communities will benefit from Liberty’s commitment to Connecticut, and the advantages that its scale brings in technology, commercial lending capacity and competitiveness.”

Liberty Bank has around $5.1bn in assets and more than $738m in capital. It focuses on providing financial services to individuals and businesses through its 55 branches across Connecticut.

The SBT Bancorp acquisition is expected to complete in September this year. The transaction is subject to SBT Bancorp shareholders’ approval and other regulatory consents.