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Nutter advises three Massachusetts banks in recent mergers

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May 2015

Nutter McClennen & Fish LLP announced that its Banking and Financial Services practice group has advised three Massachusetts banks in recent merger transactions.

Nutter represents Adams Community Bank in its acquisition of The Lenox National Bank
Nutter is advising Adams Community Bank, a mutual savings bank based in Adams, Massachusetts, in its pending acquisition of The Lenox National Bank, a national bank located in Lenox, Massachusetts.

According to the terms of the transaction, Lenox shareholders will receive $1,388.35 in cash for each share of Lenox common stock. The combined institution will have branches in Adams, Cheshire, Lanesboro, Lee, Lenox, North Adams and Williamstown. The transaction, valued at $14.3 million, is subject to the approval of regulators and Lenox shareholders. It is expected to close in the third quarter or early fourth quarter of 2015.

The Nutter team advising Adams was led by partner Adam Ghander, and included Matthew Hanaghan, Crescent Chasteen, and Thomas Powers.

Nutter represents Greenfield Cooperative Bank in merger with Northampton Cooperative Bank
Nutter advised Greenfield Cooperative Bank, a co-operative bank based in Greenfield, Massachusetts, in its merger with The Northampton Cooperative Bank, a mutual co-operative bank based in Northampton, Massachusetts. Greenfield Cooperative Bank, which survived the merger, is a wholly-owned subsidiary of Greenfield Bancorp MHC, a Massachusetts mutual holding company.

The combined institution has ten full service branches in Amherst, Florence, Greenfield, Northfield, Northampton, Sunderland, Shelburne Falls and Turners Falls, plus a commercial and financial services office in Greenfield. Because Greenfield and Northampton are mutual institutions, no consideration was paid in connection with the merger. The transaction closed on April 1, 2015.

The Nutter team advising Greenfield was led by partner Kenneth Ehrlich, and included Matthew Hanaghan and Michael Mooney.

Nutter represents Granite Savings Bank in merger with Cape Ann Savings
Nutter advised Granite Savings Bank, a mutual savings bank based in Rockport, Massachusetts, in its merger with Cape Ann Savings Bank, a mutual savings bank based in Gloucester, Massachusetts. Cape Ann Savings Bank survived the merger.

The combined institution has four full service branches in Gloucester, Manchester and Rockport. Because Cape Ann and Granite are mutual institutions, no consideration was paid in connection with the merger. The transaction closed on January 17, 2015.

The Nutter team advising Granite was led by partner Kenneth Ehrlich, and included Matthew Hanaghan and Michael Mooney.

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