SPRINGFIELD, Mass. (WWLP) – A Springfield-based bank that specializes in business lending is being acquired by a Vermont bank, though its name will not be changing. The acquisition of NUVO Bank and Trust by Merchants Bancshares Inc was announced Tuesday. The deal is worth about $21.8 million in stock and cash, representing $7.15 per share.
NUVO Bank will continue on under its own name as a division of Merchants. NUVO chairman Donald R. Chase will join the board of directors for Merchants Bancshares, while CEO M. Dale Janes and President Jeffrey Sattler will also be employed under Merchants.
The agreement is set to take effect in the fourth quarter of 2015.