August 26, 2009 (FinancialWire) — Salisbury Bancorp, Inc., (AMEX: SAL) (Current Market Cap: $40.21 Mil.) said that its Salisbury Bank and Trust Co. subsidiary has entered into a purchase and assumption agreement to buy the Canaan, Connecticut branch of Webster Bank.

The deal includes around $17 million in deposits and around $4 million in loans. Under the terms of the agreement, the acquisition is scheduled to be completed in the fourth quarter of 2009, pending regulatory approval.

According to Salisbury, the purchase is part of the bank’s strategic initiative to enhance its market share in the tri-state area. The bank plans to consolidate the operations of its current Canaan branch with the newly acquired Webster branch.

Lakeville, Connecticut-based Salisbury Bancorp, Inc.’s sole subsidiary, Salisbury Bank and Trust, is a Connecticut chartered commercial bank, which operates branches in Canaan, Salisbury and Sharon as well as Lakeville, Connecticut, South Egremont and Sheffield, Massachusetts and Dover Plains, New York.

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