FirstFed told you People’s stockholders electing to receive inventory somewhat exceeded those people electing to receive bucks thought

FirstFed told you People’s stockholders electing to receive inventory somewhat exceeded those people electing to receive bucks thought

Shareholders and you will Regulators Agree Merger For the erica Bancorp, Inc., Swansea, MA, and you may Mans Bancshares, Inc., The latest Bedford, MA, approved new sales out-of Mans in order to FirstFed. The deal is anticipated to close off from inside the first quarter.

On March 20, work of Thrift Oversight (OTS) therefore the Massachusetts Panel of Bank Incorporation accepted the new merger ranging from FirstFed The usa Bancorp, Inc., with People’s Bancshares, Inc., The fresh new Bedford, MA.

Consequently, Man’s investors just who decided to get FirstFed inventory will have an excellent mixture of 0.73 share of FirstFed well-known stock and you can $9.34 for each share from People’s possessed. Some other shareholders get a finances payment of $twenty-two for every single share regarding Man’s preferred inventory they hold. As of ,

NE Nonbanking Interest On February 20, Northeast Lender, FSB, Auburn, Myself, making use of their part, Northeast Economic Characteristics, Inc

FirstFed The usa Bancorp got total deposits regarding $563.8 million and you will rated 33rd among all of the industrial banking and you may thrift organizations within the Massachusetts. At the time of a similar date, Mans Bancshares had complete deposits off $582.step three million and you will rated 32nd. (SNL Financial , Thrift A week, 2/11; 2/)

Banknorth Gets FHC Towards the elizabeth a monetary carrying team, shortly after putting on Government Put aside Financial off Boston approval. (Steps because of the Panel, 1/)

Part Target Alter To the erican Financial and you may Trust Business relocated their main workplace of 1151 Stratford Opportunity, Stratford, CT, to 132 Huge Path, Waterbury, CT. (County of CT DOB News Bulletin, 2/) People for the End , Shop Department Transactions To your January 7, new Massachusetts Section away from Banking companies (MA DOB) recognized the application form because of the Owners Financial out-of Massachusetts, Boston, MA, to establish 18 department organizations in this End , Shop Supermarkets found in the Massachusetts places out of Allston, Beverly, Brockton, East Springfield, Fall River, Lynn, Malden, Medford, Milford, Natick, The fresh new Bedford, Quincy, Raynham, Somerset, Stoughton, Watertown (2), and you may West Springfield. The fresh openings are part of a broader People decide to unlock Avoid payday loans lenders Texas, Shop twigs inside the New The united kingdomt; the institution unsealed twenty-two Massachusetts branches between , and 20 Rhode Area twigs to your .

To your January twenty-five, the fresh new MA DOB acknowledged the application form because of the People Financial out of Massachusetts to close off the branch office based in Shaw’s Supermarket, 780 Southern Main Street, Sharon, MA. (Condition away from MA DOB Observe, 1/)

Bank RI to determine Branches Toward January 31, Financial Rhode Isle, Providence, RI, a subsidiary regarding Bancorp Rhode Area, Inc., Providence, RI, established that it’ll add three the latest twigs on state next year and will improve its overall personnel by 15%. (SNL Bank , Thrift Per week, 2/4/02)

Lender of new Canaan Applies to possess Deposit Insurance rates On the February 4, Bank of brand new Canaan submitted a loan application having deposit insurance that have the fresh new Federal Deposit Insurance policies Corp (FDIC) seeking to efforts since a commercial bank from inside the The new Canaan, CT. As well as The Canaan, the brand new de- novo business “expects to help you obtain a small level of financial business” off Darien, CT, and you can “the newest Silvermine” element of Norwalk, CT, plus the “bordering Ny people out-of Lb Ridge.” The brand new bank’s organizers penned in the app these particular markets is currently underserved, and cited the rapid pace away from consolidation when you look at the Connecticut too just like the forty bank disappointments throughout the county given that 1990. (SNL Bank , Thrift Weekly, 2/)

On completion of merger, Man’s might be combined on FirstFed and you will People’s device, People’s Offers Financial away from Brockton, Southern Easton, MA, would be merged towards FirstFed unit First Federal Savings Bank regarding The usa, Fall River, MA

, acquired Kendall Insurance, Inc., Bethel, Me personally, getting $569,564. Northeast Lender, FSB was a subsidiary from Northeast Bancorp, Auburn, Myself. (SNL Every single day ThriftWatch, 2/)

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