Banknorth Announces Acquisition; Purchases BankBoston's Berkshires Branches.BURLINGTON, Vt.--(BUSINESS WIRE)--July 1, 1998--Banknorth Group 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 entered into a definitive agreement with BankBoston, N.A. to purchase the bank's Berkshire Berkshire (bärk`shĭr, –shər, bûrk`–) or Berks (bärks, bûrks), former county, S central England. County Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. operations. Under the terms of the agreement,
BankBoston's complete Berkshire County franchise, including retail,
consumer, small business and commercial lending will become part of
Banknorth's affiliate First Massachusetts Bank, N.A. The Private
Banking, trust and investment management business will become part of
The Stratevest Group, N.A., Banknorth's trust and investment
management subsidiary. The local executive team, led by Regional
President Steven H. Massicotte, and all 110 BankBoston employees in the
Berkshires will be retained. Making the announcement was William H.
Chadwick, president and chief executive officer.Banknorth will pay $52.5 million to acquire ten full-service branches, approximately $285 million in deposits, $78 million in commercial loans, $40 million of consumer loans, and Private Banking services that include an investment management portfolio of approximately $1.0 billion. The acquisition, Banknorth's second in Massachusetts, is subject to regulatory approvals and is expected to close prior to year end. Total assets of Banknorth at June 30, 1998, were $2.9 billion. Total assets after the acquisition will be approximately $3.2 billion. Banknorth will consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. the transaction without raising additional capital. One-time expenses of the transaction should not exceed approximately $2.0 million. After the one-time charges, the transaction should be immediately accretive to earnings. Chadwick, in commenting on this announcement, stated, "BankBoston's Berkshire operation fits perfectly with our style of community banking. Their strong market presence and experienced banking professionals in the Berkshires add considerable value to our company. We intend to continue to provide to the Berkshire customers a sophisticated line of commercial and retail banking services including automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. cash management, telephone banking and ATMs, as well as the additional flexibility and convenience afforded by local pricing and credit decisions. Through Steve and the other Berkshire professional bankers, we look forward to joining the community, maintaining BankBoston's philanthropic phil·an·throp·ic also phil·an·throp·i·cal adj. 1. Of, relating to, or marked by philanthropy; humanitarian. 2. Organized to provide humanitarian or charitable assistance: commitment and contributing to future growth and development." Banknorth Group Inc. is a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company headquartered in Burlington, Vt. The company offers a full range of banking and financial management services through its seven community banks, Banknorth Mortgage Company, and The Stratevest Group, N.A. a trust and investment management company. Its customers' banking needs are served 24 hours a day through an automated telephone banking system and ATM network, and during business hours BUSINESS HOURS. The time of the day during which business is transacted. In respect to the time of presentment and demand of bills and notes, business hours generally range through the whole day down to the hours of rest in the evening, except when the paper is payable it a bank or by a through 60 banking offices located in Massachusetts, 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). and Vermont Vermont (vərmŏnt`) [Fr.,=green mountain], New England state of the NE United States. It is bordered by New Hampshire, across the Connecticut R. . This news release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding the future performance of the company. All forward-looking information is inherently uncertain and the actual results may differ substantially from the assumptions, estimates, or expectations reflected or contained in the forward-looking information. -0-
Approximate
Total Deposits
Location ($ in millions)
Adams $17.6
Dalton 19.3
Great Barrington 32.1
North Adams 26.0
North Adams (Stop & Shop) .2
Pittsfield - West Street 80.1
Pittsfield - Elm Street 21.7
Pittsfield - Coltsville 15.2
Pittsfield - Dan Fox Drive 5.0
Pittsfield - North Street 27.8
Sheffield 9.2
Williamstown 30.8
_____
$285.0
CONTACT: Banknorth Group
William H. Chadwick, 802/860-5560
or
Thomas J. Pruitt, 802/860-5558
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion