Wainwright Bank & Trust Co. (WAIN) announced that Eastern Bank Corp. signed a definitive agreement to acquire Wainwright Bank & Trust in an all-cash transaction valued at around $163 million. As per the transaction terms, Wainwright Bank & Trust shareholders would be entitled to receive $19.00 in cash in exchange for each share of Wainwright Bank & Trust Company common stock and common stock equivalents outstanding.
The company added that the merger would combine 2 banks focused on serving their communities, while providing enhanced convenience for customers of both organizations. The combined organization would have over 90 retail banking offices serving people and businesses across eastern Massachusetts, including 22 offices in the Boston metro area.
Richard Holbrook, chairman and chief executive of Eastern Bank said, "By combining our two organizations, we will broaden our horizons and do even more to make our communities a better place to work and live, while providing our customers with top-notch banking, investment and insurance services."
Completion of the merger is expected to occur in the fourth quarter of calendar year 2010. It is anticipated that Wainwright Bank & Trust Company would remain as a separate unit of Eastern Bank Corp. for a transition period before it is merged into Eastern Bank.
Upon closing, Robert Glassman and John Plukas, co-founders and current co-chairmen of Wainwright Bank & Trust, are expected to join the board of Eastern Bank Corp. and Eastern Bank.
For comments and feedback: editorial@rttnews.com