East Boston Savings Bank

Meridian Bancorp, the holding company for East Boston Savings Bank, has received all regulatory approvals to complete the acquisition of Meetinghouse Bancorp, the holding company of Meetinghouse Bank.

Those approvals are from the board of governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Massachusetts Division of Banks.

The transaction is expected to close on Dec. 29.

The deal was announced in June. Under the terms of the agreement, Meetinghouse shareholders are slated to receive $26 in cash for each of their outstanding shares of Meetinghouse common stock, representing a total transaction value of approximately $17.8 million.

Meetinghouse Bank had approximately $118 million in assets as of March 31, $80 million in loans and $99 million in deposits. The acquisition also gives East Boston Savings Bank its first branch in Roslindale and another in Dorchester to add to its existing network.

East Boston Savings Bank has experienced tremendous growth over the past year. Between Sept. 30 2016 and Sept. 30 of this year, the bank has grown total assets by roughly $930 million, crossing the $5 billion threshold, according to FDIC data. Not including the Meetinghouse acquisition and other planned new branches, the bank has added 12 branches to its network since 2010, and now has a total of 32 branches as of Sept. 30.

East Boston Savings Bank Parent Set To Close On Meetinghouse Acquisition

by Bram Berkowitz time to read: 1 min
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