Vermont Financial Services Corp. and Eastern Bancorp Inc. stockholders approve merger.DOVER, N.H.--(BUSINESS WIRE)--June 2, 1997--Vermont Financial Services Corp. and Eastern Bancorp Inc. today announced that their stockholders have voted to approve the merger of Eastern Bancorp Inc. into Vermont Financial Services Corp. The stockholder votes were taken at special meetings of stockholders held in Rutland, Vermont for Vermont Financial Services Corp. stockholders and in Portsmouth, New Hampshire Portsmouth, New Hampshire is a city in Rockingham County, New Hampshire in the United States of America. It is the fourth-largest community in the county[1], with a population of 20,784 as of the 2000 census. for Eastern Bancorp Inc. stockholders. At the Vermont Financial Services Corp. meeting 3,410,580 shares, 73.8% of the outstanding common shares, were present. The vote in favor of the merger was 3,388,950 shares, 73.3% of the outstanding shares. 21,630 shares, 0.5% of outstanding shares, voted against the merger or abstained from voting. At the Eastern Bancorp Inc. meeting 2,827,317 shares, 76.3% of the outstanding common shares, were present. The vote in favor of the merger was 2,786,100 shares, 75.2% of the outstanding shares. 41,217 shares, 1.1% of outstanding shares, voted against the merger or abstained from voting. The proposed merger, which was publicly announced last November, will result in Eastern Bancorp Inc. being merged into Vermont Financial Services Corp. and its wholly owned banking subsidiary, Vermont Federal Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus , becoming a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Vermont Financial Services Corp. It is anticipated that Vermont Federal Bank will be merged into Vermont National Bank at a later date. As a result of the merger, Vermont Financial Services Corp., which currently owns Vermont National Bank based in Brattleboro, Vermont and United Bank based in Greenfield, Massachusetts, will become a financial institution with approximately $2.2 billion in total assets and 54 offices in Vermont, New Hampshire and Massachusetts. The merger, which has been approved by the Federal Reserve Bank of Boston The Federal Reserve Bank of Boston is responsible for the First District of the Federal Reserve, which covers Connecticut (excluding Fairfield County), Massachusetts, Maine, New Hampshire, Rhode Island and Vermont. It is headquartered in Boston, Massachusetts. , awaits approval by the Massachusetts Board of Bank Incorporation. If this approval is given in a timely matter, it is anticipated that the merger will be completed around the end of June. Vermont Financial Services Corp. common stock is listed on 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 with a trading symbol of VFSC VFSC Valley Figure Skating Club (Neenah, WI) . Eastern Bancorp Inc. is also traded on NASDAQ with a trading symbol of EBCP EBCP Evidence-Based Clinical Practice . CONTACT: Richard O. Madden Vermont Financial Services Corp. 802/258-4003 or Janine K. Pinel Eastern Bancorp 802/879-9000 |
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