Goodwin Procter recently advised Eastern Bank Corporation on its pending acquisition of Centrix Bank & Trust. According to the terms of the transaction, Centrix shareholders will receive $41 in cash for each share of Centrix common stock, representing a 49 percent premium over the closing price on Monday, March 3. The transaction, valued at approximately $134 million, is subject to the approval of regulators and Centrix shareholders. It is expected to close in the fall.
Eastern Bank, founded in 1818, is the largest and oldest mutual bank in the United States. With $8.7 billion in assets, the bank operates more than 90 branches in communities from the Merrimack Valley to Cape Cod and employs 1,700 people. Eastern Bank also operates Eastern Bank Wealth Management and Eastern Insurance.
Centrix Bank & Trust (OTC Bulletin Board: CXBT), based in and serving customers throughout southern New Hampshire, is a full service commercial bank with a customer base comprised of small and medium-sized businesses, professionals, municipalities and not-for-profit organizations. The bank, with assets of $909 million as of December 31, 2013, was started in 1998 and has been recognized by SNL Financial and American Banker, among others, as being among the top community banks in the country.press release.