Business Services Industry
Seacoast Financial Services to Buy Massachusetts-Based Abington Bancorp.
Knight Ridder/Tribune Business News, October, 2003
By David McPherson, Providence Journal, R.I. Knight Ridder/Tribune Business News
Oct. 22--Five months after entering the Boston banking market, Seacoast Financial Services Corp. yesterday announced a $140-million deal that will add 17 new branches to its CompassBank subsidiary.
The New Bedford-based bank holding company signed an agreement to purchase Abington Bancorp Inc., the parent of Abington Savings Bank, a $950-million bank, based in Weymouth, Mass., and operating in suburbs south of Boston.
Under the agreement, Abington shareholders will receive a combination of cash and Seacoast stock that made the deal worth an estimated $139.5 million, or $34 a share.
The Abington acquisition will close a gap in CompassBank's market...
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