SIS Bancorp Completes Merger of Glastonbury Bank & Trust.SPRINGFIELD, Mass.--(BUSINESS WIRE)--Dec. 18, 1997--SIS Bancorp, Inc. ("SIS") (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 :SISB) and Glastonbury Bank and Trust Company ("GBT GBT Green Bank Telescope (Pocahontas County, West Virginia) GBT Gay/Bisexual/Transgender GBT Group on Basic Telecommunications GBT Ground-Based Transceiver GBT General Business Technology GBT Great Books Tutorial ") (NASDAQ:GLBT GLBT Gay, Lesbian, Bisexual, Transgendered ) announced today that, having received all necessary regulatory and stockholder approvals, the merger of GBT with SIS has been completed. The merger resulted in GBT becoming a wholly owned banking subsidiary of SIS. "We are pleased to have been able to complete this transaction as planned by year end," said F. William Marshall William Marshall is a name shared by several people:
As a result of the merger, SIS is now a financial institution of approximately $1.7 billion in total assets. SIS is the holding company for Springfield Institution for Savings, headquartered in Springfield, MA, and GBT, headquartered in Glastonbury, CT. These subsidiaries operate a total of 34 banking offices in central Connecticut and western Massachusetts. The merger will result in the exchange of approximately 1.4 million shares of SIS common stock for all outstanding GBT common stock. Based on the twenty-day average closing bid price of SIS common stock for the period ended December 10, 1997, of $34.63, GBT shareholders would be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to receive stock equal to approximately $25.63 for each share of GBT common stock and the transaction would be valued at approximately $46.9 million. After the issuance of the additional shares of common stock for the merger, SIS will have approximately 6.9 million shares outstanding. These shares will continue to be traded on the NASDAQ National Market System under the current SISB symbol. Any questions pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to this release may be forwarded to Ms. Ting Chang, vice president Investor Relations Investor relations The process by which the corporation communicates with its investors. , at (413)748-8271. CONTACT: SIS Bancorp, Inc. Ting Chang, 413/748-8271 |
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