Middletown-based Liberty Bank today announced that it has completed its acquisition of the Southern Connecticut Bancorp Inc. and its subsidiary, The Bank of Southern Connecticut, headquartered in New Haven.
The merger became effective at the close of business on June 21. Shareholders of
Southern Connecticut Bancorp Inc. approved the merger on May 15 and will receive $3.76 in cash for each share of Southern Connecticut Bancorp common stock that they own.
Former locations of The Bank of Southern Connecticut in New Haven, Amity and Branford will now operate as branch offices of Liberty Bank. The Bank of Southern Connecticut’s North Haven location has closed permanently and customers will now be served at Liberty’s existing North Haven branch at 174 Washington Ave.
"Liberty Bank has experienced extraordinary growth in the past few years throughout its branch service network and added 10 offices through de novo branching and acquisitions," Chandler Howard, president and CEO of Liberty Bank, said in a statement. "This merger will allow us to expand our presence in New Haven County."