ACTON, Mass. - Shareholders of Co-operative Bank of Concord and Bank of Braintree have approved the acquisition of Braintree by Walden Bancorp, a new holding company formed by Co-operative for the merger.
Under the deal, shareholders of both banks will receive one share of Walden stock for each of their shares in a tax-free transaction. The new company will have about $1 billion in total assets, with $785 million in deposits and $91 million in equity.
The deal is expected to close Friday, pending state regulatory approval.
Co-operative also announced that it had sold its Medford office to Century Bank and Trust Co., with $20 million in deposits, resulting in an after-tax gain of $575,000.
Co-operative has $765 million in assets, with 16 branches in three counties. Braintree has $217 million in assets, with three branches in Norfolk County.