Citizens Financial Group Inc. announced that it will acquire Hudson, Mass.-based Community Bancorp Inc. for $166 million, or $19.75 per share. The deal continues Citizens’ expansion in Massachusetts and will deepen its presence in Middlesex County, the largest Massachusetts market outside Boston.
The acquisition of Community Bancorp Inc., with total assets of $457 million, provides Citizens’ entry into Sudbury, Marlborough, Acton, Hudson, Stow and Boxborough and will expand its presence in Framingham and Concord. Community National Bank operates 10 branch locations and 12 ATMs throughout Middlesex County and has more than 20,000 customers.
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“This expansion brings us into new communities and delivers on our commitment to provide greater convenience and outstanding service to our customers,” said Lawrence K. Fish, chairman, president and CEO of Citizens Financial Group.
Community Bancorp Inc will become part of Citizens Bank of Massachusetts, led by Thomas J. Hollister, president and CEO. With this transaction, Citizens Bank of Massachusetts will grow from $24.3 billion (including Port Financial Corp.) to $24.7 billion in assets, making it the second largest bank in New England. Upon completion of this transaction, Citizens Bank of Massachusetts (including Port Financial Corp.) will have 261 branches and 648 ATMs.
