Quantcast

Middlebury bank buys LyndonBank branch

Community Bancorp, the holding company for Community National Bank , LyndonBank and National Bank of Middlebury, announced last week that they have entered into a letter of intent for the purchase, by Middlebury, of the Vergennes branch office of LyndonBank. Under the proposed terms, 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. Final terms of the proposed branch sale will be contained in a purchase and assumption agreement to be executed by Community National and Middlebury, and joined in by LyndonBank, containing customary representations, warranties, covenants and conditions to closing. As of Aug. 31, there were approximately $9.1 million in deposits booked to the Vergennes branch. National Bank of Middlebury has a strong commitment to serving the banking needs of the communities in its market area, said Ken Perine, president and CEO. We are pleased to be able to expand our presence in the Addison County market. Vergennes is a great community with tremendous potential for the future and we look forward to serving the banking needs of our new Vergennes customers. Completion of the branch sale is subject to regulatory approval and contingent on completion of the merger of Community NationalLyndonBank.

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