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.

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