Banking department approves merger

Naugatuck Valley Financial Corp., the parent holding company of Naugatuck Valley Savings and Loan, announced last week that the Connecticut Department of Banking has approved its pending merger with Liberty Bank.

The deal is estimated at $78 million. Shareholders will be entitled to receive $11 in cash for each common share of the bank’s stock.

The merger, wherein NVSL will be dissolved into Middletown-based Liberty Bank, is expected to close in the first quarter of 2016, Naugatuck Valley Financial stated.