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Citizens Buys Mass. Bank
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Business New Haven
08/18/2003
By: BNH
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PROVIDENCE, R.I. — Citizens Financial Group will acquire Community Bancorp, holding company for Community National Bank, in a cash transaction for $19.75 per share, or an aggregate of $116 million based on shares outstanding. The deal continues Citizens’ expansion in Massachusetts and will deepen its presence in Middlesex County, the largest Massachusetts market outside Boston.
With total assets of $457 million, Community Bancorp is a bank holding company headquartered in Hudson, Mass. This transaction provides Citizens’ entry into Sudbury, Marlborough, Acton, Hudson, Stow and Boxborough and will expand its presence in Framingham and Concord. Community National Bank operates ten branch locations and 12 ATMs throughout Middlesex County and has more than 20,000 customers.
With this transaction, Citizens Bank of Massachusetts will grow from $24.3 billion (including Port Financial Corp.) to $24.7 billion in assets, reinforcing its position as the second-largest bank in Massachusetts and New England. Upon completion of this transaction, Citizens Bank of Massachusetts (including Port Financial Corp.) will have 261 branches and 648 ATMs in the Bay State.
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