Brookline Bancorp, Inc. to Convert to Federal Corporation.Business Editors/Banking and Financial Writers BROOKLINE, Mass.--(BUSINESS WIRE)--Feb. 9, 2001 Brookline Bancorp, Inc.(the "Company") (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 : BRKL), the 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. and Lighthouse Bank, announced today that it has filed preliminary 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 with the Securities and Exchange Commission in connection with its plan to convert its charter from a Massachusetts corporation regulated by the Massachusetts Division of Banks The Division of Banks is an Australian Electoral Division in New South Wales. The division was created in 1949 and is named for Sir Joseph Banks, the British scientist who accompanied James Cook on his voyage to Australia in 1770. and the Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. , to a Federal corporation regulated by 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. . Management of the Company believes the charter conversion to be in the best interests of the Company and its stockholders, for the reasons set forth in the preliminary proxy materials. Among other things, the charter conversion will permit the Company's mutual holding company to waive the receipt of dividends paid by the Company. The charter conversion has been recommended by the Executive Committee of the Board of Directors and will be presented to the full Board of Directors later this month. The charter conversion also is subject to regulatory approvals and to approval by the stockholders of the Company. The charter conversion is expected to be completed in the second quarter of 2001. The Company has filed preliminary proxy materials concerning the conversion with the Securities and Exchange Commission ("SEC"). Stockholders may obtain a copy of the proxy materials free of charge at the SEC's website, www.sec.gov. We urge stockholders to read the proxy materials because they contain important information about the charter conversion. The Company and its executive officers and directors may be deemed to be participants in the solicitation of proxies from stockholders with respect to the charter conversion described in the proxy materials. Information regarding such officers and directors is included herein. |
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