WBKC Wolverine Bancorp, Inc.

WEST SPRINGFIELD, Mass., Dec. 13 /PRNewswire-FirstCall/ -- At a special meeting today, Westbank Corporation (NASDAQ:WBKC) shareholders voted to approve an acquisition by NewAlliance Bancshares, Inc. (NYSE:NAL). Westbank, headquartered in West Springfield, Massachusetts, is a commercial bank and trust company with assets of over $800 million, operating 16 banking offices in Massachusetts and Connecticut. The acquisition is expected to close on January 2, 2007. The cash-and-stock transaction was valued at approximately $116 million when announced on July 18, 2006. The terms of the merger agreement call for each outstanding share of Westbank common stock to be converted into the right to receive $23 in cash or stock. Westbank shareholders have been sent forms to select the type of consideration they prefer. The overall transaction will be consummated with 50% of the payout in stock and 50% in cash. The acquisition will provide NewAlliance Bank with its initial entry into Massachusetts. The New Haven, Connecticut-based community bank with $7.2 billion in assets currently has 71 branches across most counties of Connecticut and contiguous to towns that Westbank serves. FOR MORE INFORMATION, CONTACT: John M. Lilly, Treasurer and Chief Financial Officer (413) 747-1465 DATASOURCE: Westbank Corporation CONTACT: John M. Lilly, Treasurer and Chief Financial Officer of Westbank Corporation, +1-413-747-1465

Copyright