The board of Mayflower Cooperative Bank of Middleboro, Mass., has rejected an unsolicited bid, ending a yearlong pursuit of the $145 million thrift.
In October $137 million-asset First Financial Corp. of Providence, R.I., offered $25 million for Mayflower. It was First Financial's second offer for Mayflower this year.
Edward M. Pratt, Mayflower's president and chief executive officer, said the board "determined that the proposal submitted was inadequately priced and inappropriately structured," and that shareholders and customers would be best served by "a continuation of the strategies and policies successfully employed by the bank for the last several years."
Jack Macomber, First Financial's chief financial officer, said his company plans to respect the Mayflower board's decision and will not launch a more hostile effort to buy the thrift.
"We are disappointed, and we think it is unfortunate for both companies," he said.
First Financial said it offered about $27 per share for Mayflower, but the thrift calculated the deal to be worth closer to $21.76 per share.