Key Developments For Meridian Interstate Bancorp, Inc.
Meridian Interstate Bancorp, Inc. (EBSB.O) (Nasdaq)
Meridian Interstate Bancorp, Inc. Receives State Regulatory Approval To Acquire Mt. Washington Cooperative Bank
Meridian Interstate Bancorp, Inc. announced that the Bank has received conditional regulatory approval from the Commonwealth of Massachusetts to acquire Mt. Washington Bank (Mt. Washington). As previously announced in July, the Company signed a definitive merger agreement to acquire Mt. Washington, which operates seven offices in Suffolk County, Massachusetts. Mt. Washington's existing customer deposits in Suffolk County will increase East Boston Savings Bank's market share to 5th in the County.
Meridian Interstate Bancorp, Inc. And Mt. Washington Cooperative Bank Announce Merger Agreement
Meridian Interstate Bancorp, Inc. the holding company for East Boston Savings Bank, and Mt. Washington Cooperative Bank, jointly announced the signing of a definitive merger agreement. Under the terms of the merger agreement, Mt. Washington will merge with and into East Boston Savings Bank, with East Boston Savings Bank surviving the merger. Depositors of Mt. Washington will become depositors of East Boston Savings Bank, and will have the same rights and privileges in Meridian Financial Services, Inc., the mutual holding company parent of Meridian Interstate, as if their accounts had been established in East Boston Savings Bank on the date established at Mt. Washington. The merger agreement and the related merger transactions are subject to the approval of Mt. Washington's depositors, regulatory approvals, and other customary closing conditions. As part of the transaction, Meridian Interstate will issue additional shares of its common stock to Meridian Financial Services, Inc., in an amount based on the average of two independent valuations of the fair value of Mt. Washington. These shares are expected to be issued immediately prior to completion of the merger. In addition, Meridian Interstate will contribute capital to East Boston Savings Bank following the merger if necessary for East Boston Savings Bank to remain well-capitalized under applicable regulatory capital standards. In connection with this transaction, Sterne Agee & Leach, Inc. acted as financial advisor.
Meridian Interstate Bancorp, Inc. Appoints Gregory Derderian As Chief Financial Officer
Meridian Interstate Bancorp, Inc. announced that Gregory Derderian has been appointed as the new Chief Financial Officer (CFO) of the Company and Bank. Mr. Derderian is expected to commence his duties on May 18, 2009. Mr. Derderian replaces Len Siuda as Chief Financial Officer, who retired April 29, 2009.
Meridian Interstate Bancorp, Inc. Announces Resignation Of CFO-Form 8-K
Meridian Interstate Bancorp, Inc. announced its Form 8-K that Leonard V. Siuda, Treasurer and Chief Financial Officer (CFO) of the Company and East Boston Savings Bank (the Bank), a subsidiary of the Company, retired and resigned from the Company and the Bank effective as of April 29, 2009.
Meridian Interstate Bancorp, Inc. Receives Regulatory Approval To Commence Stock Repurchase Program
Meridian Interstate Bancorp, Inc. announced that the Commonwealth of Massachusetts Office of the Commissioner of Banks has approved the Company's application to repurchase up to 5% of its outstanding common stock, or 517,500 shares of its common stock. Shares may be repurchased in open market or private transactions, through block trades, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.
