Lakeville, Conn.-based Salisbury Bancorp Inc.'s unit, Salisbury Bank and Trust Co. completed its branch acquisition of Newburgh, N.Y.-based Empire State Bank, a unit of ES Bancshares Inc., according to a June 5 press release.
The branch is located in New Paltz, N.Y.
Upon completion, Salisbury Bancorp assumed approximately $31 million in deposits and purchased approximately $7 million in branch-related loans. The acquired branch will be the Salisbury's second office in the west of Hudson River and seventh full banking location in New York.
FIG Partners LLC acted as financial adviser to Salisbury Bank and Trust Co., while Cranmore FitzGerald & Meaney served as legal counsel. Meanwhile, FinPro Capital Advisors Inc. acted as Empire State Bank's financial adviser and Luse Gorman PC served as its legal counsel.