Adams Community Bank Acquiring Lenox National
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 Adams Community Bank is acquiring Lenox National Bank. |
ADAMS, Mass. — Adams Community Bank will acquire Lenox National Bank before the end of the third quarter according to a statement issued by Adams Community on Thursday.
Adams Community Bank is a state-chartered mutual savings bank. The combined bank will have approximately $460 million in assets, $375 million in deposits, and a branch network of eight full-service offices throughout Berkshire County.
"Lenox National Bank is well run and has great strengths in its customers and employees," said Charles P. O'Brien, Adams Community Bank president and CEO. "This transaction will expand our footprint in Berkshire County and is a strategic step in our continued pursuit to create a high-performing community bank that is focused on relationship banking in the best sense of the term."
Under the terms of the agreement, Adams Community will acquire Lenox National for $14.3 million in cash. Shareholders of the closely held Lenox National Bank will receive $1,388.35 in cash per share.
"We are very pleased to be partnering with Adams Community Bank and believe that this transaction is an excellent opportunity for our shareholders, customers, employees and the Berkshire community at large. We look forward to working with this excellent bank in order to continue to bring high quality services and to deepen the support provided to our combined customer base," said Paul Merlino, president and CEO of Lenox National Bank.
The companies expect to close the deal in the third quarter, subject to approval of the holders of at least two-thirds of the shares of Lenox National Bank and receipt of the customary regulatory approvals. The current branches are expected to remain the same.
Lenox National was founded in 1889 in what is now the Lenox Library and has occupied the historic Monument Inn on Main and West streets since 1968.
Adams Community Bank was formed in 2011 as a merger of South Adams Savings Bank, established in 1869, and Adams Co-Operative Bank, founded in 1895. The merger created the third-largest banking institution in the county.
Sandler O'Neill & Partners LP served as financial advisor to Adams Community Bank while FIG Partners LLC acted as advisor to Lenox National Bank and rendered a fairness opinion to the board of directors in conjunction with this transaction. Nutter McClennen & Fish LLP served as legal counsel to Adams Community Bank and Cranmore, FitzGerald & Meaney served as legal counsel to Lenox National Bank.
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