LEXINGTON SAVINGS BANK SHAREHOLDERS APPROVE MERGER WITH MAIN STREET COMMUNITY BANCORP.LEXINGTON, Mass.--(BUSINESS WIRE)--Sept. 14, 1995--The shareholders of Lexington 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. (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 :LEXB) approved the merger of equals with Main Street Community Bancorp, Inc. (NASDAQ:MSCB MSCB Moving Strike Convertible Bond MSCB Midas Slow Control Bus MSCB Multi-Service Chilled Beam (building services) MSCB Missile Site Control Building MSCB Mid-South Concert Band (Chattanooga, TN) ) at their Special Meeting today. "We are pleased at the very positive vote the merger received" stated Timothy J. Hansberry, President and Chief Executive Officer of Lexington Savings Bank. "Over 95% of those shares voted were voted in favor of the merger. That translates to 72% of all shares outstanding - a so-called super majority - voting in favor of the transaction with less than 4% voting against." "We are very grateful to our shareholders and especially thankful to those who took the time to call and/or visit. We are also grateful to those brokers who made the effort to contact shareholders and explain the need for them to vote on the transaction. Since the Main Street shareholders approved the transaction by majority vote on August 22, we can now proceed to closing" Hansberry continued. Subject to receipt of final regulatory approvals, the transaction should be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. by the end of this month. At the effective time of the merger, each MSCB and LEXB stockholder on a one-for-one exchange basis, will become a stockholder with the same number of shares in the new company, Affiliated Community Bancorp, Inc. As noted in the proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. for the transaction, Affiliated will have in excess of $800 million in assets and $95 million of capital. The Affiliated common stock has been approved for listing on the NASDAQ National Market System and when issued will trade under the symbol AFCB AFCB ARC Fault Circuit Breaker AFCB Ahwatukee Foothills Concert Band (Phoenix, AZ) AFCB Authorized Function Control Block . CONTACT: Lexington Savings Bank John G. Fallon Douglas R. Keyes 617/862-1775 |
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