Brookline Bancorp, Inc. Completes Acquisition of Bancorp Rhode Island, Inc. And Announces Date for Release of Fourth Quarter ...
03 Januar 2012 - 2:00PM
Business Wire
Brookline Bancorp, Inc. (NASDAQ: BRKL) today announced that it
has completed its acquisition of Bancorp Rhode Island, Inc.
(NASDAQ: BARI), a $1.6 billion bank holding company based in
Providence, Rhode Island. 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.
The total consideration paid by Brookline Bancorp is comprised
of approximately 10.9 million shares of common stock and $112.9
million in cash. Based on the final election results and the
provisions of the related merger agreement, Bancorp Rhode Island
shareholders who made a valid stock election or no election will
receive 4.686 shares of Brookline Bancorp common stock for each
Bancorp Rhode Island share held by them, and Bancorp Rhode Island
shareholders who made a valid cash election will receive the stock
consideration for approximately 47.6% of their Bancorp Rhode Island
shares and cash consideration of $48.25 per share for the balance
of their Bancorp Rhode Island shares.
Brookline Bancorp also announced 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.
“We are very pleased to welcome the customers and employees of
Bank Rhode Island to our growing family of regional banks,” said
Paul A. Perrault, President and CEO of Brookline Bancorp. “The
addition of Merrill Sherman and Bogdan Nowak to our board and the
appointment of Mark as President and CEO of Bank Rhode Island
ensures a smooth transition and continued growth at Bank Rhode
Island.”
Brookline Bancorp announced that, as it completes the
integration of Bancorp Rhode Island, it plans to release its fourth
quarter 2011 earnings report after the close of business on
Wednesday, January 25, 2012.
About Brookline Bancorp, Inc.
Brookline Bancorp, Inc., a financial holding company with
approximately $4.7 billion in assets, is headquartered in
Brookline, Massachusetts and operates as the holding company for
Brookline Bank, Bank Rhode Island, and The First National Bank of
Ipswich. All three banks provide commercial and retail banking
services at locations throughout Eastern Massachusetts and Rhode
Island. More information about Brookline Bancorp, Inc. and its
banks can be found at the following websites:
www.brooklinebank.com, www.bankri.com, and www.fnbi.com.
Forward-Looking
Statements
This press release contains statements about future events that
constitute forward-looking statements. Projections about future
events are subject to risks and uncertainties that could cause
actual results to differ materially. Factors that could cause such
differences include, but are not limited to, general economic
conditions, changes in interest rates, regulatory considerations,
competition, and difficulties related to the integration of the
businesses following the merger. For additional factors that may
affect future results, please see the filings made by Brookline
with the Securities and Exchange Commission, including Brookline’s
Annual Report on Form 10-K (as amended) for the year ended
December 31, 2010, as supplemented by its Quarterly Reports on
Form 10-Q. Brookline undertakes no obligation to update any of
these forward-looking statements to reflect events or circumstances
that may arise after the date of this press release.
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