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JUN 18, 2009 1:00am ET

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Danvers Strikes First Deal Since IPO

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The former mutual thrift said it would pay $61.95M in stock for Beverly National, which has $485M of assets, $350M in deposits and eight branches in Essex County.

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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