N.H. Thrift Bancshares buys First Community Bank
New Hampshire Thrift Bancshares of Newport has agreed to acquire First Community Bank, serving Woodstock, and Killington and Rutland in Vermont, for nearly $16 million in cash and stock.
According to a company release, First Community will merge into Lake Sunapee Bank, NHTB’s subsidiary, in a $15.5 million transaction.
First Community had $83.4 million in assets and $69.8 million in deposits as of Dec. 31, 2006.
The terms of the merger call for each outstanding share of First Community common stock to be converted into the right to receive $12 in cash or 0.7477 shares of NHTB common stock. First Community shareholders will be offered an 80/20 split of proceeds where not more than 20 percent is cash.
Following the deal’s completion in the early part of the fourth quarter of 2007, one current director of First Community will be nominated to the board of directors of NHTB and to the board of directors of Lake Sunapee Bank for a term to expire at Lake Sunapee Bank’s next annual meeting, and renominated for such position for at least three years. The remaining directors may serve on First Community’s advisory board for at least three years.
In a separate pending transaction announced late last year, NHTB acquired First Brandon Financial Corp., a 143-year-old bank based in Brandon, Vt., for $21.2 million, and is scheduled to close in the second quarter of 2007
After both deals are completed, NHTB will have approximately $865.5 million in assets and 29 branches in New Hampshire and Vermont. — CINDY KIBBE