Liberty Bank and Naugatuck Valley Financial Corporation have entered into a definitive agreement for the merger of Naugatuck Valley Financial Corporation and its subsidiary, Naugatuck Valley Savings and Loan, with and into Liberty Bank.
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Under terms of the agreement, upon completion of the merger, each shareholder of Naugatuck Valley Financial Corporation will receive $1 per share in cash, giving the transaction a value of approximately $78 million. The agreement has been unanimously approved by the Boards of Liberty Bank, Naugatuck Valley Financial Corporation and Naugatuck Valley Savings and Loan.
The transaction is subject to approval by the shareholders of Naugatuck Valley Financial Corporation, as well as customary regulatory approvals, including the State of Connecticut Department of Banking and the Federal Deposit Insurance Corporation. The transaction is expected to close in the fourth calendar quarter of 2015.
Liberty Bank was established in 1825 and is the oldest chartered bank in Connecticut. Liberty Bank is a mutual bank with assets of $4 billion and capital of $600 million.
Through its nearly fifty (50) branch network in Connecticut, Liberty Bank provides financial services to individuals, businesses, not-for-profit organizations and government entities through its commercial and consumer lending divisions, corporate services, retail banking and investment management services. For more information, please visitwww.liberty-bank.com.
Naugatuck Valley Financial Corporation, a bank holding company headquartered in Naugatuck, Connecticut, is the parent company of Naugatuck Valley Savings and Loan, a federal stock savings bank with assets of approximately $500 million.
Naugatuck Valley Savings and Loan is headquartered in Naugatuck, Connecticut and serves its customers through its nine office branch network in Connecticut's New Haven and Fairfield Counties. Naugatuck Valley Savings and Loan is a community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses within its market area. ■