More than a year after going public, Danvers Bancorp Inc. has agreed to buy a nearby Massachusetts banking company in a deal that one analyst said would leave it with the capital to do more.

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

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.