PROVIDENCE – Citizens Financial Group Inc. – headquartered in Providence – will acquire Brighton-based Port Financial Corp., the holding company for CambridgePort Bank, in a cash merger for $285 million based on outstanding shares, or $54 per share, both announced last Thursday.
The acquisition is a continuation of Citizens’ expansion in Massachusetts and is one that will deepen its presence in Middlesex and Norfolk counties, the largest eastern Massachusetts markets outside Boston, Citizens said in a statement.
CambridgePort Bank has deposits of $1.2 billion and 11 branches and 15 ATM locations west and southwest of Boston. This transaction will strengthen Citizens’ presence in Cambridge, Needham, Newton, Natick, Brookline, Lexington, Arlington, Winchester and Wellesley, and will provide entry into Westwood, the bank said.
The company said the acquisition would most likely be completed in the third quarter. Royal Bank of Scotland Group Plc, the U.K.’s second-largest bank, which wholly owns Citizens, is focusing on growth in the U.S. through takeovers because U.K. regulations prohibit most acquisitions in its home market. Citizens is the second-largest New England bank after FleetBoston Financial Corp.
CambridgePort Bank will become part of Citizens Bank of Massachusetts, led by Thomas J. Hollister, president and CEO. The bank will grow from $22.8 billion to $24.3 billion in assets from the acquisition, Citizens said.
Hotel workers union inks
3-year contract with Lincoln Park
PROVIDENCE – Members of the Hotel and Restaurant Employees Union (HERE) Local 217 recently ratified a three-year contract with Lincoln Park.
The agreement includes a wage increase between 13 and 24 percent over three years and improvement of benefits, according to a union press release. Also, the employer’s contribution to the workers’ pension will increase 74 percent, from 55 cents an hour to 95 cents.
The union said that improvements also were made in health-coverage eligibility and scheduling rights. HERE represents 120 food-and-beverage workers at the gaming facility.
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