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Business Services Industry

USTrust to Acquire Brewer & Lord LLP; Bank to Add Insurance Agency as Wholly-Owned Subsidiary

Business Wire, Dec 17, 1998

BOSTON--(BUSINESS WIRE)--Dec. 17, 1998--USTrust and Brewer & Lord LLP jointly announced today the execution of a definitive agreement under which USTrust will acquire Brewer & Lord. Terms of the all cash transaction were not disclosed. The Bank expects that the purchase, including the transaction costs, will be immediately accretive to earnings following the acquisition.

Founded in 1859, Brewer & Lord is one of the largest independent insurance agencies in New England. Based in Norwell, the company operates nine offices in eastern Massachusetts with locations in Abington, Acton, Cambridge, Danvers, Falmouth, Framingham, Lexington, Marshfield and Norwell. Brewer & Lord specializes in providing personal, commercial and employee benefit-related insurance products to consumers and medium-size and large businesses located primarily in eastern Massachusetts.

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The affiliation is subject to the approval of state and federal bank regulatory authorities and the Massachusetts Commissioner of Insurance and is expected to close in the late first quarter or early second quarter of 1999. Under the agreement Brewer & Lord will continue to operate independently, under its present name, as a wholly-owned subsidiary of USTrust. Brewer & Lord's management team and sales and service staffs will remain in place.

"Brewer & Lord is a perfect strategic fit with USTrust," noted Neal F. Finnegan, Chairman and Chief Executive Officer. "In addition to geographical consistency, our companies share similar business philosophies and long term goals. Further, this affiliation offers a great deal of cross-sell opportunities for both companies. Our customers will benefit greatly from the availability of the personal and business insurance products offered by Brewer & Lord."

Commenting on the announcement, Richard A. Hubbard, Brewer & Lord Executive Committee Member, stated, "We are very enthusiastic about the planned affiliation with USTrust. We look forward to partnering with an institution that shares our commitment to customer service and superior consumer and business products. With this alignment we anticipate enhanced, continuing relationships with our clients and the insurance companies with which we do business."

USTrust is a community-oriented, full-service commercial bank, which operates a total of 85 offices and 112 ATM machines throughout eastern Massachusetts. The Bank is a subsidiary of UST Corp., a $5.7 billion Boston based bank holding company which also serves as parent company of United States Trust Company. Through its subsidiaries, UST Corp. provides a broad range of financial services, principally to individuals and small and medium-sized companies in New England. Included in these services are commercial banking, consumer financial services, trust and money management, mortgage banking and equipment leasing.

This release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including the statement about expected earnings. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. For discussion of factors that may affect UST Corp.'s performance, refer to those described from time to time in UST Corp.'s filings with the Securities and Exchange Commission, press releases and other communications.

Business Services Industry

USTrust to Acquire Brewer & Lord LLP; Bank to Add Insurance Agency as Wholly-Owned Subsidiary

Business Wire, Dec 17, 1998

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