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First Ipswich Bancorp Shareholders Vote to Approve Merger

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First Ipswich Bancorp Shareholders Vote to Approve Merger Powered By Docstoc
					First Ipswich Bancorp Shareholders Vote to
Approve Merger
December 23, 2010 03:50 PM Eastern Time  

IPSWICH, Mass.--(EON: Enhanced Online News)--First Ipswich Bancorp (OTCBB: FIWC), 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, December 23,
2010, shareholders approved the agreement and plan of merger, dated as of October 27, 2010, by and among First
Ipswich Bancorp (the “Company”), Brookline Bancorp, Inc. and Clam Acquisition, Inc. A total of 2,066,630 shares
(88% 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.” 

The First National Bank of Ipswich is headquartered in Ipswich with a Boston branch located at the corner of
Congress and State Streets and six locations North of Boston in Essex, Gloucester, Ipswich, Newburyport, and
Rowley, MA.

Forward-Looking Statements

This press release contains statements that may be considered forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-
looking statements are intended to be covered by the safe harbor provisions for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995, and this statement is included for purposes of
complying with these safe harbor provisions. These forward-looking statements are based on current plans and
expectations, which are subject to a number of risk factors and uncertainties that could cause future results to differ
materially from historical performance or future expectations. These differences may be the result of various factors,
including, among others: (1) costs or difficulties related to the integration of the businesses following the merger; 
(2) changes in general, national or regional economic conditions; (3) changes in loan default and charge-off rates;
(4) reductions in deposit levels necessitating increased borrowings to fund loans and investments; (5) changes in 
interest rates; (6) changes in levels of income and expense in noninterest income and expense related activities; 
(7) competition; (8) failure of the parties to satisfy the closing conditions for the merger in a timely manner or at all; 
and (9) disruptions to First Ipswich Bancorp’s business as a result of the announcement and pendency of the merger.

Contacts
First Ipswich Bancorp
Russell G. Cole,978-356-8157
President and CEO

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Description: IPSWICH, Mass.--(EON: Enhanced Online News)--First Ipswich Bancorp (OTCBB: FIWC), 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, December 23, 2010, shareholders approved the agreement and plan of merger, dated as of October 27, 2010, by and among First Ipswich Bancorp (the “Company”), Brookline Bancorp, Inc. and Clam Acquisitio a style='fon
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