MIDDLETOWN, Conn., Jan. 15, 2016 /PRNewswire/ -- Liberty Bank today announced that it has completed its acquisition of Naugatuck Valley Financial Corporation (NASDAQ MKT: NVSL) and its subsidiary, Naugatuck Valley Savings and Loan, headquartered in Naugatuck, Connecticut.
The merger became effective at the close of business on January 15, 2016. Shareholders of Naugatuck Valley Financial Corporation approved the merger on October 8, 2015 and will receive $11.00 in cash for each share of Naugatuck Valley Financial Corporation common stock that they own.
"We are very pleased to welcome the Naugatuck Valley Savings and Loan customers to Liberty Bank," said Chandler J. Howard, President & CEO, Liberty Bank. "Liberty Bank is committed to providing exceptional customer service and quality products to meet the needs of the consumers, businesses, and the communities which we serve. This merger will offer an expanded line of products and services to Naugatuck Valley Savings and Loan customers, and greater convenience to all our customers through our expanded network of 56 banking branches.
All of the former locations of Naugatuck Valley Savings and Loan will now operate as branches of Liberty Bank, except for Naugatuck Valley Savings and Loan's location on Highland Avenue in Cheshire, which has closed, and customers will now be served at Liberty's existing Cheshire branch at 160 Highland Avenue.
With completion of the merger, Liberty Bank now has consolidated assets of approximately $4.5 billion, deposits of $3.4 billion, loans of $3.3 billion, and total capital of $610 million, as well as 56 banking locations throughout Hartford, Middlesex, Fairfield, New London, Tolland, Windham and New Haven counties.
Liberty Bank was established in 1825 and is the oldest chartered bank in Connecticut. Liberty Bank is a mutual bank with assets of $4.5 billion and capital of $610 million. Through its 56 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 visit www.liberty-bank.com.
Chandler J. Howard
President and CEO
SOURCE Liberty Bank