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New Hampshire Thrift Bancshares Inc Completes Acquisition of Central Financial Corporation


Friday, 25 Oct 2013 04:05pm EDT 

New Hampshire Thrift Bancshares Inc announced that it completed its acquisition of Central Financial Corporation, expanding the Company's presence in Vermont. Under the terms of the agreement, Central Financial Corporation merged with and into the Company, with the Company being the surviving corporation of the merger. Additionally, The Randolph National Bank, a wholly owned subsidiary of Central Financial Corporation, merged with and into Lake Sunapee Bank, fsb (Lake Sunapee Bank), a wholly owned subsidiary of the Company, with Lake Sunapee Bank continuing as the surviving entity. Shareholders of Central Financial Corporation approved the acquisition, and Lake Sunapee Bank and The Randolph National Bank received the required regulatory approvals. The combined company has total assets of approximately $1.4 billion and a network of 37 banking branches serving customers in New Hampshire and Vermont. The Company issued approximately 1.1 million shares of its common stock to Central Financial Corporation shareholders in the transaction on the basis of 8.699 shares of Company common stock for each share of Central Financial Corporation stock. Following the merger, Steven H. Dimick will be appointed to the Board of Directors of the Company and Lake Sunapee Bank. All of the remaining members of the Board of Directors of The Randolph National Bank have been invited to serve as members of the Company's Upper Valley regional advisory board. 

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