Meridian Interstate Bancorp (EBSB) Executes Merger Agreement by Hampshire First Bank
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Meridian Interstate Bancorp, Inc. (Nasdaq: EBSB), the holding company for East Boston Savings Bank, which also operates under the name Mt. Washington Bank, a Division of East Boston Savings Bank, announced that on November 16, 2011, Hampshire First Bank, which is approximately 40% owned by Meridian Interstate Bancorp, Inc. (the "Company"), entered into an Agreement and Plan of Merger with NBT Bancorp, Inc. ("NBT") and NBT Bank, N.A. ("NBT Bank").
Hampshire First Bank stockholders will have the right to elect to receive cash or NBT common stock as outlined above, subject to 65% of HFB common stock receiving NBT common stock in accordance with the proration and allocation procedures contained in the Agreement and Plan of Merger. In addition, pursuant to the Agreement and Plan of Merger, and subject to the conditions and other requirements set forth therein, each warrant will be cancelled in exchange for a cash payment equal to the difference between $15.00 and the exercise price of the warrant. Calculations of the Company's gain from its investment in Hampshire First Bank can fluctuate based upon Hampshire First Bank's earnings and other changes in Hampshire First Bank's stockholders' equity.
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Hampshire First Bank stockholders will have the right to elect to receive cash or NBT common stock as outlined above, subject to 65% of HFB common stock receiving NBT common stock in accordance with the proration and allocation procedures contained in the Agreement and Plan of Merger. In addition, pursuant to the Agreement and Plan of Merger, and subject to the conditions and other requirements set forth therein, each warrant will be cancelled in exchange for a cash payment equal to the difference between $15.00 and the exercise price of the warrant. Calculations of the Company's gain from its investment in Hampshire First Bank can fluctuate based upon Hampshire First Bank's earnings and other changes in Hampshire First Bank's stockholders' equity.
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