By PBN Staff
BROOKLINE, Mass. â€“ Brookline Bancorp Inc.â€™s purchase of Bancorp Rhode Island was completed on Tuesday, more than eight months after the initial merger announcement.
The acquisition of Bancorp Rhode Island, the parent company of Bank Rhode Island, was announced in April. The companies extended the deadline for shareholders to choose their compensation several times.
Bancorp RI will preserve its brand, its headquarters in Providence and will operate as a separate subsidiary of Brookline Bancorp, including the 17 Bank RI branches in Rhode Island, the companies announced in April.
Mark J. Meiklejohn, previously the chief lending officer at BankRI, will be the new president and CEO.
BankRI President and CEO Merrill W. Sherman and Bogdan Nowak, a Bancorp Rhode Island board member, will join the Brookline Bancorp board of directors.
The combined organization will have 43 banking offices in Massachusetts and Rhode Island, $4.7 billion in assets, $3.7 billion in loans and $3.2 billion in deposits.
Brookline Bancorp paid about $10.9 million shares of common stock and $112.9 million in cash.
"We are very pleased to welcome the customers and employees of Bank Rhode Island to our growing family of regional banks," said Paul A. Perrault, president and CEO of Brookline Bancorp. "The addition of Merrill Sherman and Bogdan Nowak to our board and the appointment of Mark as president and CEO of Bank Rhode Island ensures a smooth transition and continued growth at Bank Rhode Island."
Bancorp Rhode Island shareholders who made a valid stock election or no election will receive 4.686 shares of Brookline Bancorp common stock for each Bancorp Rhode Island share. Those who made a valid cash election will receive the stock consideration for approximately 47.6 percent of their shares and cash consideration of $48.25 per share for the balance of their Bancorp Rhode Island shares.