In Brief: Massachusetts Deal Gets Shareholder O.K.

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.

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