Salisbury Bank and Trust, a subsidiary of Salisbury Bancorp, announced today that it will acquire the Fishkill, New York branch of Orange Bank & Trust Co., a subsidiary of Middletown, New York-based Orange County Bancorp, according to a regulatory filing.

The transaction will give Salisbury Bank another $23 million in deposits and $8 million in branch-related loans, pushing the roughly $980 million asset bank over the $1 billion in total assets.

Salisbury Bank already has a branch in Fishkill, but will consolidate the two upon completion of the deal.

“The purchase of this branch is a strategic opportunity, which will enable our Riverside Division to consolidate our existing Fishkill office with this new office and will allow us to reach prospective customers and better serve our existing customers in Dutchess County, New York, with greater convenience in an improved location,” Richard J. Cantele Jr., Salisbury Bank and Trust Co.’s president and CEO, said in a statement. “This Fishkill branch will expand our capabilities to deliver financial products and services, including trust and wealth advisory services, to the people and businesses of Dutchess County and nearby communities.”

Michael Gilfeather, CEO of the roughly $987-million Orange Bank & Trust Co., said the sale is in line with planned 2018 initiatives, and positions the company for future growth.

“While it was a difficult decision to leave the Fishkill area, having just one Dutchess location did not allow us to leverage our capabilities in a way that makes long-term sense,” Gilfeather said in a statement. “Our recent success in Westchester and Rockland counties, coupled with our solid presence in Orange County will drive future growth so we remain a leading community bank.”

Salisbury Bank’s New York branches currently include Fishkill, Dover Plains, Millerton, New Paltz, Newburgh, Poughkeepsie and Red Oaks Mill. The company also has three branches in Massachusetts and five in Connecticut.

Cantele said the bank would “work closely with Orange Bank & Trust Co. to ensure a smooth transition, which we expect to be seamless for customers.”

The transaction is subject to approval by regulatory authorities and is expected to be completed during the second quarter of 2018.