Nutter Advises North Shore Bank in Merger with Merrimac Savings BankPrint PDF
Nutter McClennen & Fish LLP today announced that its Banking and Financial Services practice group is representing North Shore Bank, based in Peabody, Massachusetts, in its pending acquisition of Merrimac Savings Bank. Merrimac Savings Bank, which is based in Merrimac, Massachusetts, has $73 million in total assets. Under the terms of the agreement, the two banks will merge into one financial institution operating as North Shore Bank.
Upon completion of the merger, North Shore Bank will grow to almost $750 million in assets and will operate out of eleven full-service branches throughout Essex County, Massachusetts and one in southern New Hampshire. The transaction is subject to approval by North Shore Bank’s parent company, the Corporators of Merrimac Savings Bank and various regulatory agencies including the Federal Deposit Insurance Corporation, and Massachusetts and New Hampshire bank regulators. The merger is expected to be completed in the fourth quarter of 2015.
Nutter’s Banking and Financial Services practice group has represented bank clients in eight announced bank mergers and acquisitions since the beginning of 2014.
The Nutter team advising North Shore Bank is led by Kenneth Ehrlich and Matthew Hanaghan, and includes Michael Krebs.