-Brookline Bancorp acquires Bancorp Rhode Island.
Global Banking News - 04 January 2012
Brookline Bancorp Inc (NASDAQ: BRKL) has said that it has completed its acquisition of Bancorp Rhode Island Inc (NASDAQ: BARI), an USD1.6bn bank holding company based in Providence, Rhode Island.
The total consideration paid by Brookline Bancorp is comprised of approximately 10.9 million shares of common stock and USD112.9m in cash. Bancorp Rhode Island's bank subsidiary, Bank Rhode Island, will continue to operate as a subsidiary of Brookline Bancorp, and has 17 branch locations throughout Rhode Island.
Brookline Bancorp also said that Merrill W. Sherman, previously president and CEO of Bancorp Rhode Island and Bank Rhode Island, and Bogdan Nowak, a Bancorp Rhode Island board member, have joined the Brookline Bancorp board of directors. Mark J. Meiklejohn, previously the chief lending officer at Bank Rhode Island, was named president and CEO of Bank Rhode Island.
Following the integration of Bancorp Rhode Island, Brookline Bancorp will report its fourth quarter 2011 earnings on January 25, 2012.
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