BankNorth completes acquisition; Receives final approval for new Massachusetts bank.Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BKNG) today announced that it has completed the purchase of 13 former Shawmut Bank, N.A. branches from Fleet Financial Group Inc. The branches, located in Worcester, Hampshire Hampshire, county (1991 pop. 1,511,900), 1,503 sq mi (3,893 sq km), S central England. Winchester is the county town. The terrain is undulating and is crossed by two chalk downs, rising in places to more than 800 ft (244 m). and Franklin counties Franklin County is the name of 24 counties in the United States. All except Franklin County, Idaho are likely named for Benjamin Franklin, a Founding Father of the United States. , will become part of First Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. Bank, N.A. which will be headquartered in Worcester, Mass. Final regulatory approval was received today allowing the transaction to close. Making the announcement was William H. Chadwick, president and chief executive officer. The new bank, modeled after the other Banknorth community banks in Vermont and New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , will be the largest bank headquartered in Worcester and will be open for business on Tuesday morning. Richard B. Collins, 12-year veteran of Worcester banking, will head the new bank. Total assets of First Massachusetts Bank are approximately $635 million, including approximately $405 million of loans. The new community bank will offer a complete line of commercial and retail banking services, as well as the additional flexibility and convenience afforded by local pricing and credit approvals. Total assets of Banknorth at Dec. 31, 1995, were $1.9 billion. With the addition of First Massachusetts Bank, the company's total assets will be approximately $2.5 billion. Banknorth is a multi-bank holding company headquartered in Burlington, Vt. The company has eight banks and a mortgage company which serves its customers through 57 offices throughout northern and central New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. . CONTACT: Banknorth Group Inc. William H. Chadwick, 802/860-5560 or Thomas J. Pruitt, 802/860-5558 |
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