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Even as banks continue to deal with the impacts of the economic crisis brought on by the coronavirus pandemic, a second Cambridge-based community bank plans to go ahead next week with an acquisition next month.
Cambridge Savings Bank has received all regulatory approvals needed to acquire Melrose Bank, the banks said in a joint statement. Shareholders of holding company Melrose Bancorp approved the merger at a special meeting on April 28. The merger is expected to close before the opening of business on June 1.
Under the terms of the merger agreement, Melrose shareholders will receive cash consideration of $25 for each share. Melrose Bancorp had voluntarily delisted from the NASDAQ exchange last year. According to Melrose’s year-end 2019 earnings statement, the company had 2,305,851 shares of the common stock issued and outstanding as of Dec. 31.
Cambridge Savings Bank, which has about $4.3 billion in assets, is held by the mutual holding company, Cambridge Financial Group. Melrose Bank has about $337 million in total assets.
The banks had previously said that Melrose Bank’s office on Main Street in Melrose would become a Cambridge Savings Bank branch.
Another Cambridge bank will also complete an acquisition on June 1, with Cambridge Trust Co. acquiring Wellesley Bank.
