Brookline Bancorp, Inc. Announces Adoption of Plan to Convert Mutual Holding Company to Stock Form.Business Editors BROOKLINE, Mass.--(BUSINESS WIRE)--April 4, 2002 Brookline Bancorp, Inc. (the "Company") (Nasdaq: BRKL) announced that the Board of Directors of its mutual holding company, Brookline Bancorp, MHC MHC major histocompatibility complex. MHC abbr. major histocompatibility complex MHC major histocompatibility complex. (the "Mutual Holding Company"), has adopted a plan to convert the Mutual Holding Company to a capital stock corporation. The Mutual Holding Company is a federally chartered mutual holding company headquartered in Brookline, Massachusetts Brookline is a town in Norfolk County, Massachusetts, which borders on the cities of Boston and Newton. As of the 2000 census, the population of the town was 57,107. Etymology Brookline was known as the hamlet of Muddy River , and owns 15,420,350 shares, or approximately 57.6%, of the outstanding shares of common stock of the Company, which in turns owns 100% of the issued and outstanding shares of capital stock of Brookline Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , a federal savings association. At December 31, 2001, the Company had total assets of $1.1 billion. Upon conversion of the Mutual Holding Company, shares of the Company's common stock held by the public will be exchanged for shares of a Massachusetts holding company, which, after the completion of the conversion will be the Bank's parent holding company. Additional shares of the Massachusetts holding company, representing the ownership interest of the Mutual Holding Company, will be offered for sale to depositors of the Bank and to the public. Richard P. Chapman, Jr., President and Chief Executive Officer of the Company and the Mutual Holding Company, stated, "We believe the conversion is in the best interests of our stockholders and of the members of the Mutual Holding Company. We expect the stock holding company structure and the stock offering will provide additional flexibility and capital to support future growth internally and through acquisitions, and facilitate our continued development as a full-service community bank." The conversion is subject to approval of the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. as well as the approval of the Mutual Holding Company's members and the Company's stockholders. Proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other setting forth detailed information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the conversion and the offering will be sent to the members of the Mutual Holding Company and stockholders of the Company for their consideration. The offering will be made only by means of a prospectus in accordance with federal law and all applicable state securities laws; this press release shall not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy any securities. The conversion and the offering are expected to be completed in the third quarter of 2002. 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. , which are subject to risks and uncertainties. A number of factors could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company's reports filed from time to time with the Securities and Exchange Commission, including the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2001, describe some of these factors. Forward-looking statements speak only as of the date they are made and the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date of the forward-looking statements or to reflect the occurrence of unanticipated events. |
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