Brookline Bancorp, Inc. Announces Commencement of Second Step Conversion Offering.Business Editors BROOKLINE, Mass.--(BUSINESS WIRE)--May 16, 2002 Brookline Bancorp, Inc. (Nasdaq/NMS:BRKL), the proposed Delaware holding company for 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. , has received clearance from 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. to commence its second step conversion offering. Brookline Bancorp, Inc. is offering for sale between 21,675,000 and 29,325,000 shares of common stock (subject to a 15% increase) at a purchase price of $10.00 per share. Upon the completion of the conversion and stock offering, the Delaware holding company will issue shares of its common stock to the existing public stockholders of Brookline Bancorp, Inc., who currently own 42.5% of its common stock. Public stockholders are expected to receive between 1.4056 and 1.9017 shares (subject to a 15% increase to 2.1870 shares) of stock in exchange for each of their existing shares. The offering is expected to commence May 24, 2002. Completion of the conversion is subject to the receipt of final Office of Thrift Supervision approval, and ratification The confirmation or adoption of an act that has already been performed. A principal can, for example, ratify something that has been done on his or her behalf by another individual who assumed the authority to act in the capacity of an agent. of the Plan of Conversion by depositors of Brookline Savings Bank and by the public stockholders of Brookline Bancorp, Inc. For more information contact Paul R. Bechet at (617) 730-3500. This release is neither an offer to sell nor a 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 common stock. The offer is made only by the prospectus. The shares of common stock are not savings accounts Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: , may lose value and are not insured by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. or any government agency. |
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