FROM THE NEWSROOM: (UPDATED) Putnam based Citizens National Bank today announced it will merge with a Massachusetts mutual bank. Bank officials say that Citizens National Bancorp, Inc. has signed a definitive merger agreement with ESB Bancorp, Inc. the parent of Easthampton Savings Bank. Easthampton will acquire CNB in a cash transaction valued at just over $50 million, however the local bank is expected to retain its trade name due to what Easthamptons President and CEO Matthew Sosik called its “excellent reputation and franchise value in their market area.” Shareholders of CNB, a $333 million bank, will reportedly receive $67.50 per share in cash – Peter Deary, Chairman of the CNB Board, acknowledged that the premium offered to shareholders was the driving force behind this deal. However, Deary says a major part of negotiations revolved around assuring Easthampton would continue to provide for its customers and the community with the generous and philanthropic reputation he says CNB has established – Deary points to Easthamptons reputation in its own community, which he calls so similar that the two banks are nearly twins. Once the acquisition is completed, ESB Bancorp will have “consolidated assets of more than $1.3 billion and a branch network of 15 full-service offices” in northeastern Connecticut and central Massachusetts. In a statement, Citizens National Bank President and CEO David Conrad said he and the Board of Directors believe “this transaction is an excellent opportunity” to partner with a top performing bank The merger is expected to be completed in the early third quarter of 2015, officials said. Deary says it remains unknown whether Conrad will stay with the bank in his official capacity.
Posted on: Thu, 11 Dec 2014 18:58:44 +0000
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