BankBoston Corp. said it has agreed to acquire Nantucket, Mass.- based Pacific National Corp. for $24.4 million in stock.
The deal, which is scheduled to close in October, would expand $64.8 billion-asset BankBoston's presence on the tony resort island, where Pacific National has three branches and four automated teller machines.
Pacific National will retain its name following the integration of systems into BankBoston, the banks said. Pacific National has $90 million of deposits and a $90 million loan portfolio primarily made up of residential mortgages and commercial real estate loans.
Terms of the agreement provide BankBoston with an option to purchase up to 24.9% of Pacific National's outstanding stock at $35 per share in certain circumstances if a third party tries to interfere with the proposed acquisition, the banks said.