Brookline Bancorp Inc. has completed its acquisition of First Ipswich Bancorp, the bank holding company for The First National Bank of Ipswich (FNBI).
FNBI is a full-service commercial bank serving communities on the North Shore of eastern Massachusetts. In connection with the acquisition, Brookline paid approximately $19.7 million in cash for all outstanding shares of First Ipswich.
"We are delighted to welcome First Ipswich’s customers and employees into the Brookline family of banks. We look forward to enhancing FNBI’s capacity to build on its successful North Shore franchise and to improving the results of both banks," said Paul A. Perrault, Brookline’s chief executive officer.
