Brookline Bank will close the two branches it received as part of the deal to acquire First Commons Bank and consolidate them into the bank’s current footprint.

First Commons had two branches at 718 Beacon St. in Newton Centre and 161 Linden St. in Wellesley, according to its website, and those are the two branches Brookline intends to close, according to a recent activity report from the Massachusetts Division of Banks.

It would appear that Brookline has retained most, if not all, of the First Commons employees, as the company added 28 employees between the fourth quarter of 2017 and the first quarter of this year, according to call reports. First Commons reported 31 employees in its 2017 fourth quarter call report.

Brookline Bank received regulatory approval and closed the deal during the first quarter. The transaction included the acquisition of $262.1 million in loans and the assumption of $273.7 million in deposits, each at fair value.

The two banks first announced the deal in late September, with a total transaction value of nearly $56 million. Under the agreement, Brookline paid $16.70 per share, or $52.5 million in Brookline stock, for the outstanding shares and warrants of First Commons Bank, as well as $3.4 million in cash for the outstanding options. Several executives at the bank received lump sum cash payments as part of the deal.

Brookline Bank Consolidates First Commons Bank Branches

by Bram Berkowitz time to read: 1 min
0