ABINGTON, Mass. Abington Bancorp announced Thursday that it had agreed to buy $120 million-asset Massachusetts Fincorp Inc. of Boston for $17.3 million.
The purchase would give the $770 million-asset buyer, whose home is a Boston suburb, a foothold in the citys center.
One attraction, said James P. McDonough, Abingtons chairman and chief executive officer, is the targets small-business customers in Boston. Another, he said, is that Abington is trying to reach $1 billion in asset size to compete more aggressively for consumer and small-business relationships.
Massachusetts Fincorp owns Massachusetts Co-Operative Bank. Its three branches, one in Boston and the others nearby, would become branches of Abington Savings Bank, which has 14.
The deal is expected to close in the third quarter. Abington would pay $30 in cash and stock for each Massachusetts Fincorp share, 1.6 times book value.
