CONCORD, N.H. - Community Bankshares, parent of Concord Savings Bank, has agreed to buy Centerpoint Bank, an $81 million-asset, state-chartered bank in Bedford, N.H., for about $10.5 million.
Under the agreement, Centerpoint will operate as a separate subsidiary of Community. The bank will retain its identity and management and continue its focus on business banking, while expanding its reach in southern New Hampshire.
The merger will double Community's commercial banking business and provide a major entry into Hillsborough County, the state's largest banking market.
After the transaction, Community would have eight branches and four remote service units between its two bank subsidiaries, plus Concord Savings' five thrift branches.
The new company would have total assets of $507 million. deposits of $384 million, and equity of $35 million.
Each share of Centerpoint stock will be exchanged for 1.073 shares of Community stock in a tax-free exchange, worth about $17.70 per share.
The merger, which is still subject to shareholder and regulatory approval, is expected to add to earnings of the new company in the first year.