BOSTON – Brookline Bancorp Inc., parent of Bank Rhode Island, has agreed to pay $56 million for a Massachusetts bank, a move it projects could boost annual earnings per share by 2 percent.
The stock and cash deal was made to acquire First Commons Bank, a Newton, Mass.,-based bank with about $324 million in assets. The bank will merge with Brookline Bank, another subsidiary of Brookline Bancorp, based in Boston.
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“We are very pleased to welcome the customers of First Commons Bank to Brookline Bank, and we look forward to getting to know its employees,” said Paul Perrault, president and CEO, in a statement. “This combination leverages our unique talents and efforts within the greater Boston and strengthens our position in the marketplace.”
The deal, which is expected to consummate during the first quarter of next year, comes nearly five months after Brookline Bancorp raised $82 million through a public offering for purposes including strategic acquisitions.
The bank expects its assets to increase to $7.1 billion and anticipates a 2 percent accretive to earnings per share on a full-year basis, according to the deal.
Tony Nuzzo, chairman and CEO of First Commons Bank, opened the bank in 2009. The bank has two branches in Newton and Wellesley, Mass.
Nuzzo lauded the deal in a statement.
“We are excited to have our clients join Brookline Bank, which has a long tradition of providing quality customer service in both the commercial and retail areas throughout the greater Boston market,” he said.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
