When it comes to bank mergers and acquisitions, Massachusetts has produced much talk with little action. But that is about to change, analysts say, thanks in part to Shawmut National Corp.'s successful bid last month for Peoples Bancorp of Worcester.

Shawmut agreed to pay $180 million in common stock -- or 1.76 times book value -- for Peoples, a healthy, thrift holding company with $913 million of assets.

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