Hartford Business Journal

HARTFORDBUSINESS.COM | AUGUST 21, 2023 25 BANKING & FINANCE NBT Bank completes acquisition of Salisbury Bank The parent company of New York-based NBT Bank has closed its $204 million acquisition of Lakev- ille-based Salisbury Bancorp. Salisbury Bancorp is the parent of Salisbury Bank, which has 13 branches in northwestern Connecticut, the Hudson Valley and southwestern Massachusetts. The bank reported $1.56 billion in assets and 168 employees as of March 31. The addition of Salisbury Bank gives NBT 153 banking offices in its seven-state footprint, the bank said. In connection with the deal closing, NBT has appointed former Salisbury Bank President and CEO Richard J. Cantele Jr. to its board of directors. He will also join the execu- tive management team at NBT. JPMorgan Chase receives federal approval for New Britain branch JPMorgan Chase has received federal approval to open a new branch in New Britain. The banking giant, with $3.8 trillion in assets, plans to open a full-ser- vice branch at 140 Columbus Blvd., in a shopping plaza anchored by a ShopRite grocery store. It recently received approval for the branch, scheduled to open next spring, from the federal Office of the Comptroller of the Currency. Chase Bank since 2019 has opened 16 branches in Connecticut as part of a nationwide expansion strategy, with more locations in the pipeline. Its new branches are in Hartford, West Hartford, Avon, South Windsor, Enfield, Wethersfield, Glastonbury, Farmington, Hamden, Cheshire, Madison, Branford, East Hartford and Storrs. Milford Bank plans to close one Post Road location The Milford Bank has notified the state Department of Banking that it plans to close one of five branches in its hometown. The planned closing date for the branch at 295 Boston Post Road, in Milford, is Nov. 10. The bank, with $564 million in assets, purchased the property in 2009 for $750,000, city records show. President and CEO Susan Shields said it was determined that this loca- tion, with its close proximity to the bank's main office, at 33 Broad St., has not been utilized to full capacity for quite some time, particularly with the wider embrace of online banking. "Customers of The Milford Bank have easily adapted and are pleased with the convenience offered by our suite of online services," Shields said. "When we opened our Post Road West Office in 2010, five offices located in one community the size of Milford was more than ample. Today, it is inordinate." All staff members who have been based at the Post Road branch will be transferred to the bank's other locations. Sinclair Risk & Financial Management acquired by Denver-based firm Connecticut insurance agency Sinclair Risk & Financial Manage- ment has been acquired by Denver- based IMA Financial Group. The deal, effective Aug. 1, is expected to boost IMA's expansion into the Northeast, the company said. Deal terms weren't disclosed. IMA is an insurance brokerage firm focused on risk management, insurance, wholesale brokerage and wealth management. It has more than 2,000 associates in offices nationwide. Sinclair, now an IMA company, is retaining its name, Wallingford headquarters and Norwalk office. CEO David Sinclair, who founded the company in 1971, said it chose to be acquired by IMA because the two companies align both philosoph- ically and culturally. Sinclair's leaders and 32 asso- ciates will focus on providing commercial insurance and employee benefits to middle-market busi- nesses, and personal insurance lines to high-net-worth individuals. IMA is an employee-owned, independent company, and Sinclair's associates will have an opportunity to invest in the brokerage. M&T Bank sells shuttered Vernon branch for $250,000 An 1850-vintage bank building in the Rockville section of Vernon was recently sold by M&T Bank for $250,000. The 6,106-square-foot building, at 25 Park St., was one of 18 United Bank branches to close following People's United Bank's 2019 acquisition of Hartford-based United Bank. Subsequently, People's United and its assets, including 25 Park St., were purchased by M&T in an $8.3 billion deal completed in April 2022. M&T sold the building in July to International Disaster Management Inc., of Cheektowaga, New York. Show- time! Come play our Passport to the Stage, where you could win one of three amazing prizes: Broadway Show Package • 2 tickets to Hamilton • A round-trip limo ride • A gift card to Joe Allen Restaurant Bushnell Show Package • 2 free tickets to Moulin Rouge at the Bushnell • A gift card for one of the Max Restaurants Playhouse Package • A subscription for 2 to Playhouse on Park for the rest of Season 15 Join us for 14 days of captivating theater performances and special events during Theater Week! Immerse yourself in the magical world of live theater as we showcase an array of extraordinary productions at six of our premier theaters that will leave you spellbound. FIND OUT MORE @ LETSGOARTS.ORG OCTOBER 1 - 14

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