Co-operative Bank of Concord Announces Acquisition of Bank of Braintree

The Co-operative Bank of Concord and Bank of Braintree have finalized a major acquisition deal, with The Co-operative Bank forming a new holding company, Walden Bancorp, to facilitate the transaction. The deal, approved by shareholders of both banks, will combine the assets of both institutions, creating a premier community banking network in Eastern Massachusetts. The resulting public company will have approximately $1 billion in total assets and $785 million in deposits.

Key Takeaways:

The acquisition of Bank of Braintree by The Co-operative Bank will result in the creation of a new holding company, Walden Bancorp, with a total asset base of approximately $1 billion.
The deal will involve the exchange of one share of common stock in Walden Bancorp for each share of Bank of Braintree's common stock, and one share of Walden Bancorp for each share of The Co-operative Bank's current shares.
The Co-operative Bank will maintain its headquarters in Acton, Mass., and 16 retail banking offices in Middlesex, Norfolk, and Plymouth counties.
The sale of The Co-operative Bank's Medford office to Century Bank and Trust Co. resulted in an after-tax gain of $575,000, although this gain is expected to be offset by expenses associated with the acquisition of Bank of Braintree.
The Co-operative Bank of Concord and Bank of Braintree are both state chartered and FDIC-insured institutions with a combined asset base of $982 million.

Statistics:

Total assets of The Co-operative Bank: $765 million
Total assets of Bank of Braintree: $217 million
Total assets of the combined institution: approximately $1 billion
Deposits: $785 million
Loans: $364 million
Stockholders' equity: $91 million
Sale of The Co-operative Bank's Medford office: $20 million in deposits and real estate
After-tax gain from sale: $575,000
Goodwill write-off: $708,000

Sources:

Business Wire - November 20, 1995
The Co-operative Bank of Concord press release - November 20, 1995