DANVERS, Mass. Danvers Bancorp has agreed to acquire RFS Bancorp of Revere for about $8.9 million in cash.
RFS $145 million-asset Revere Federal Savings Bank, with two branches north of Boston, would be merged into $454 million-asset Danvers Savings Bank, which has seven branches on the North Shore.
The deal is expected to close in the third quarter. RFS Bancorp shareholders would receive $22.75 a share, a premium of more than 100%.
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