BancorpRI Shareholders Approve Merger with Brookline Bancorp
08 Septiembre 2011 - 12:13PM
Business Wire
Shareholders of Bancorp Rhode Island, Inc. (NASDAQ: BARI) today
approved the merger with Brookline Bancorp, Inc. (NASDAQ: BRKL).
The combined organization will have 43 banking offices serving
individuals and businesses across Massachusetts and Rhode Island,
and will have approximately $4.7 billion in assets, including $3.7
billion in loans and $3.2 billion in deposits. BankRI will preserve
its brand and operate as a separate subsidiary of Brookline
Bancorp.
More than 99% of the votes cast by holders of BancorpRI common
stock were voted in favor of the merger at today’s special meeting
of shareholders.
“We’re pleased by the overwhelming support of BancorpRI
shareholders for our merger with Brookline,” said President and
Chief Executive Officer Merrill W. Sherman. “This transaction
delivers significant value to our shareholders while allowing us to
retain our local identity and strong relationships with the
customers and communities we serve. Bank Rhode Island will benefit
from the scale and greater capital resources of a larger
institution, enabling us to enhance our high quality service and
product offerings.”
The transaction is expected to close in the fourth quarter of
2011, subject to regulatory approval.
About BancorpRI
Bancorp Rhode Island, Inc. is the parent company of Bank Rhode
Island, a full-service, FDIC-insured, state-chartered financial
institution. The Bank, headquartered in Providence, Rhode Island,
operates 17 branches and more than 60 ATMs throughout Providence,
Kent and Washington Counties. As of June 30, 2011, BankRI had $1.6
billion in assets and $1.1 billion in deposits. For more
information, visit www.bankri.com.
This release may contain “forward-looking statements” within the
meaning of section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements represent the Company's
present expectations or beliefs concerning future events. The
Company cautions that such statements are necessarily based on
certain assumptions which are subject to risks and uncertainties,
including, but not limited to, changes in general economic
conditions and changing competition which could cause actual future
results to differ materially from those indicated herein. Further
information on these risk factors is included in the Company's
filings with the Securities and Exchange Commission.
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