Eastern Bank Completes Centrix Bank & Trust Buy
Eastern Bank Corporation completed its acquisition of Bedford, N.H.-based Centrix Bank & Trust (OTC Bulletin Board CXBT), creating a $9.5 billion institution serving more than 460,000 consumers and business across eastern Massachusetts, and southern and coastal New Hampshire, Eastern announced today.
The cash transaction was valued at approximately $134 million, or $41 in cash in exchange for each share of Centrix common stock.
RBC Capital Markets acted as financial advisor to Eastern Bank, and Keefe, Bruyette & Woods acted as financial advisor to Centrix Bank & Trust and rendered a fairness opinion to the board of directors of Centrix Bank & Trust in conjunction with this transaction. Goodwin Procter served as legal counsel to Eastern Bank, and Nutter McClennen & Fish LLP served as legal counsel to Centrix Bank & Trust.
“Centrix has served its customers and communities very well over the past 15 years and we look forward to building upon that foundation in New Hampshire,” said Richard E. Holbrook, Eastern Bank’s chairman and CEO. “Beginning Monday, Centrix customers will enjoy a collection of banking, investment and insurance products and services that were unavailable to them until now.”
Eastern Bank will convert 10,000 Centrix Bank customer accounts to Eastern and change signs, fixtures and computer systems in six Centrix branches in New Hampshire. After the merger, the combined organization will have 102 retail banking offices and 149 ATMs in Massachusetts and New Hampshire.