New Hampshire Thrift Bancshares, Inc. Completes Acquisition of The Nashua Bank
December 21 2012 - 3:01PM
Marketwired
New Hampshire Thrift Bancshares, Inc. (the "Company") (NASDAQ:
NHTB) announced that it completed its acquisition of The Nashua
Bank today, expanding the Company's presence in southern New
Hampshire. Shareholders of The Nashua Bank approved the
acquisition, and Lake Sunapee Bank, fsb (the "Bank"), the Company's
subsidiary bank, and The Nashua Bank, received the required
regulatory approvals in early December.
The combined company has total assets of approximately $1.2
billion and a network of 29 branches serving customers in Grafton,
Hillsborough, Sullivan and Merrimack Counties in New Hampshire and
in Addison, Rutland and Windsor Counties in Vermont. The Company
issued approximately 1.15 million shares of its common stock and
paid approximately $3.68 million in cash to Nashua Bank
shareholders in the transaction. The Nashua Bank will operate under
the name "The Nashua Bank, a division of Lake Sunapee Bank,
fsb."
Following the merger, G. Frank Teas, currently the President and
Chief Executive Officer of The Nashua Bank, will be employed as
Senior Vice President of Lake Sunapee Bank, fsb. Messrs. Stephen J.
Frasca and John P. Stabile, II have been appointed to the Boards of
Directors of the Company and the Bank to serve until at least the
third anniversary of the merger. The remaining members of the Board
of Directors of The Nashua Bank have been invited to serve as
members of an advisory board to be established and maintained by
the Company for at least three years following the merger.
In commenting on the merger, Stephen R. Theroux, the Company's
President and Chief Executive Officer, said, "We would like to
extend a warm welcome to the customers, employees and shareholders
of The Nashua Bank. We are excited about this growth opportunity,
which will enhance our presence in the southern New Hampshire
market, and further broaden and diversify the geographic and
economic communities served by Lake Sunapee Bank."
About New Hampshire Thrift Bancshares,
Inc.
New Hampshire Thrift Bancshares, Inc. is the parent company of
Lake Sunapee Bank, fsb, a federally chartered stock savings bank
providing a wide range of banking and financial services through 28
offices strategically located within the greater Dartmouth-Lake
Sunapee-Kearsarge and Monadnock regions of west-central New
Hampshire and central Vermont. At September 30, 2012, the Company
had total assets of approximately $1.1 billion and deposits of
approximately $831 million.
Forward-Looking Statements
The Company wishes to caution readers not to place undue
reliance on any such forward-looking statements contained in this
press release, which speak only as of the date made. Actual results
may differ materially from those indicated by such forward-looking
statements as a result of various important factors discussed under
the caption "Risk Factors" in our Annual Report on Form 10-K for
the year ended December 31, 2011, and in subsequent filings with
the Securities and Exchange Commission. In addition, the
forward-looking statements included in this press release represent
our views as of the date of this release. The Company and the Bank
do not undertake and specifically decline any obligation to
publicly release the result of any revisions that may be made to
any forward-looking statements to reflect events or circumstances
after the date of such statements or to reflect the occurrence of
anticipated or unanticipated events.
Contact: Stephen R. Theroux President and CEO New
Hampshire Thrift Bancshares, Inc. (603) 863-0886
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