N.H. Thrift Bancshares merger approved
Shareholders of New Hampshire Thrift Bancshares and First Brandon Financial Corporation voted Monday to approve a previously announced merger of the two banks.
The Federal Reserve Bank of Boston also has given the green light to the merger, which was announced Dec. 15, 2006. The merger is expected to be completed in early June.
Through its wholly-owned subsidiary Lake Sunapee Bank, Newport-based NHTB provides financial services to its principal market areas of central and western New Hampshire. As of March 31, NHTB had total assets of $654.6 million and deposits of $470 million.
First Brandon, through its wholly-owned subsidiary federal commercial bank, First Brandon National Bank, provides financial services to the communities of Brandon, Pittsford and West Rutland, Vt. As of March 31, it had total assets of $100.6 million and deposits of $86.5 million.
Another NHTB merger – announced April 16 – is pending with First Community Bank of Woodstock, Vt., for $15.5 million in stock and cash.
This transaction is expected to close early in the fourth quarter of 2007. — CINDY KIBBE