New Bedford-based Seacoast
Financial Services Corp., owner of CompassBank and Nantucket Bank,
agreed to buy Bay State Bancorp Inc. for about $140 million to
expand in the Boston area.
Seacoast will pay $27 a share in cash or 1.257 shares of its
stock for each Bay State share, or a combination of cash and
stock, spokesman James Rice said.
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Bay State, with assets of $563 million, operates six branches
in the Boston area. Seacoast’s CompassBank has 40 branches in
southern Massachusetts and Nantucket Bank has three on Nantucket.
The purchase, which is forecast to add 1.7 percent to
earnings in the first full year of operations, is expected to
close in the second quarter, Seacoast said in a statement.
Seacoast doesn’t expect to close Bay State branches after the
transaction. Seacoast will have
assets of $4.3 billion after the purchase is completed.
Seacoast shares fell 33 cents to $20.64 in Nasdaq Stock
Market trading. Shares of Brookline, Massachusetts-based Bay State
rose 5 cents to $27.05 in American Stock Exchange trading.
Bloomberg News
