NEW BEDFORD, Mass. (BUSINESS WIRE) — Seacoast Financial Services has received approval from the Federal Reserve Bank as well as the Massachusetts Board of Bank Incorporation to acquire Home Port Bancorp, Inc., the Nantucket, Mass.-based holding company for Nantucket Bank. Seacoast is the holding company for CompassBank, Massachusett’s largest publicly owned public savings bank. By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito… The transaction, which has an aggregate value of some $68.5 million, was announced on July 21. Home Port shareholders voted to approve the agreement on October 20. Home Port shareholders will receive $37 in cash for each share of HPBC common stock. Seacoast expects that the merger will be completed as of December 31. Nantucket Bank will continue to operate as a separate subsidiary of Seacoast. The present board of directors and management of Nantucket Bank will continue to oversee the operations of the bank. Nantucket Bank staff will remain in their current positions and there are no job eliminations expected as a result of the merger, according to Business Wire.Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
Seacoast Financial Services to acquire Home Port Bancorp, Inc.
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