First Ipswich Bancorp, the bank holding company for The First National Bank of Ipswich (FNBI), announced that shareholders overwhelming approved a previously announced plan of merger.

At the special meeting of shareholders held on Thursday, shareholders approved the agreement and plan of merger, dated as of Oct. 27 by and among First Ipswich Bancorp, Brookline Bancorp Inc. and Clam Acquisition Inc. A total of 2,066,630 shares (88 percent of the outstanding shares) voted in favor of the merger transaction and 1,200 voted against the merger transaction. The transaction is expected to be completed in the first quarter of 2011, but remains subject to receipt of approvals from regulatory authorities.

"We are very pleased that shareholders confirmed that the sale of the company at this time was in the best interest of shareholders," said President and CEO Russell G. Cole. "This merger will allow the First National Bank of Ipswich to grow and provide additional banking services to our customers."