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Connecticut-based Liberty Bank closes acquisition of SBT Bancorp

Middletown, Conn.-based Liberty Bank closed its acquisition of Weatogue, Conn.-based SBT Bancorp Inc. and unit Simsbury Bank & Trust Co.

Under terms of the merger agreement, SBT Bancorp shareholders will receive $51.32 in cash for each SBT Bancorp share they own.

The merger took effect at the close of business Oct. 11. Simsbury Bank & Trust's branches will open as Liberty Bank offices Oct. 15.

Liberty Bank has more than $5.8 billion in assets, according to a news release.