Quantcast

NBM purchase of Vergennes bank official

Community Bancorp., announced that they have signed a definitive purchase and assumption agreement for the purchase by Middlebury of the Vergennes branch office of LyndonBank immediately following completion of the planned merger of LyndonBank with and into Community National. The parties expect these transactions to close on or about Dec. 31. Under the terms of the purchase and assumption agreement, Middlebury will assume all of the deposits booked at LyndonBanks Vergennes branch and will purchase certain branch loans and fixed assets, including the real estate. The Agreement contains customary representations, warranties, covenants and conditions to closing. As of October 22, 2007, there were approximately $9.7 million in deposits booked to the Vergennes branch. The parties had signed a letter of intent in early October outlining the material terms of the transaction. Completion of the branch sale is subject to regulatory approval. It is also contingent on completion of the Community NationalLyndonBank merger, for which regulatory and shareholder approvals have already been obtained.

0
Vote on this Story by clicking on the Icon

Comments

Use the comment form below to begin a discussion about this content.

Sign in to comment