Banknorth Completes Acquisition of BankBoston's Berkshire Franchise.BURLINGTON, Vt.--(BUSINESS WIRE)--Nov. 13, 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 completed the purchase of the Berkshire County, Massachusetts
Berkshire County is a county located in on the western edge of the U.S. state of Massachusetts. As of 2000, the population was 134,953. Its county seat is Pittsfield. franchise of BankBoston, N.A. The transaction, consisting of 10 branches, nine remote ATM sites, $274.0 million of deposits, $108.8 million in loans, and all of the 115 managers and employees, will become part of Banknorth's First Massachusetts Bank, N.A. Also included in the transaction is a managed asset portfolio of approximately $1.0 billion which will become part of the The Stratevest Group, N.A., Banknorth's trust and asset management subsidiary. Making the announcement was William H. Chadwick, president and chief executive officer. The acquisition increases the assets of First Massachusetts Bank to approximately $1.0 billion. The community bank offers a complete line of commercial and retail banking services, as well as the additional flexibility and convenience afforded by local pricing and credit approvals. The total assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. of Stratevest are increased to $2.1 billion as a result of the transaction. On July 31, 1998, Banknorth announced the signing of a definitive agreement to merge with Evergreen Bancorp, Inc., headquartered in Glens Falls, New York Glens Falls is a city in Warren County, New York, United States. It is part of the Glens Falls, New York Metropolitan Statistical Area. The population was 14,354 at the 2000 census. The name is derived from the large waterfall in the Hudson River at the southern base of the city. . The acquisition of the $1.1 billion Evergreen organization will be Banknorth's first entry into the State of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Evergreen Bank, N.A. will be maintained as a separate community bank. The transaction is subject to shareholder and regulatory approval and is expected to close in late December, 1998. Banknorth Group, Inc. is a $3.2 billion financial services company headquartered in Burlington, Vermont. The company offers a full range of financial products and services through seven community banks, Banknorth Mortgage Company, Inc., and The Stratevest Group, N.A., a trust and investment management company. Customer needs are met 24 hours a day, seven days a week 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 70 offices located in Vermont, Massachusetts 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). . Banknorth can be reached on the Internet at http://www.banknorth.com. |
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