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Middletown-based Liberty Bank has announced a merger with Southern Connecticut Bancorp Inc. and its subsidiary, The Bank of Southern Connecticut.
The $11 million merger deal will grant each shareholder of New Haven-based Southern Connecticut Bancorp Inc. $3.76 a share in cash.
"The merger of The Bank of Southern Connecticut with Liberty Bank will significantly expand our branch network and market share in New Haven County" said Liberty Bank President and CEO Chandler Howard in a statement.
The Bank of Southern Connecticut is a commercial bank with four branches: two in New Haven, one in Branford and one in North Haven.
- Lee Howard