Brookline Bancorp and First Commons Bank sign merger agreement
Under the terms of the agreement, Brookline will pay $16.70 per share, or $52.5 million in Brookline stock, for the outstanding shares and warrants of First Commons Bank, and $3.4 million in cash for the outstanding options, representing a total transaction value of $55.958 million.
First Commons Bank stockholders will receive 1.171 shares of Brookline common stock for each First Commons Bank share they own, subject to adjustment based on Brookline’s ten-day, volume-weighted average stock price between $13.19 and $15.33.
Brookline has the option to pay up to 50% of the consideration for the outstanding shares in cash.
Brookline is a publicly-traded bank holding company headquartered in Boston, Massachusetts with approximately $6.7 billion in assets and branch locations in Massachusetts and Rhode Island.
Brookline operates as the holding company for Brookline Bank, Bank Rhode Island, and First Ipswich Bank.
First Commons Bank is a privately held national banking association with approximately $324 million in assets as of June 30, 2017 located in Newton and Wellesley, Massachusetts.
Upon completion of the acquisition, Brookline’s assets are expected to increase to $7.1 billion.
Following the acquisition, Brookline will continue to be well capitalized and positioned to take advantage of other potential future growth opportunities. ■