New Hampshire Thrift Bancshares (NHTB) in Newport has agreed to buy Central Financial Corp. (CEVT) in Randolph, Vt.
The $1.3 billion-asset thrift company will pay $14.4 million stock, or $115 a share, for Central Financial. The price represents a 51% premium to Central Financial's closing price on Wednesday.
Central Financial had nine branches and $170 million in assets as of Dec. 31, according to the Federal Deposit Insurance Corp. New Hampshire Thrift Bancshares had 20 offices in New Hampshire and eight in Vermont at the end of last year.
Steve Dimick, Central Financial's president and CEO, will join New Hampshire Thrift Bancshares' board once the deal is closed. The companies expect to complete the transaction in the fourth quarter.
"We are very excited to deepen our market presence in Vermont," Stephen Theroux, New Hampshire Thrift Bancshares' president and CEO, said in a press release. "We … look forward to building upon the service culture that has been the hallmark of this fine institution."
Last year, New Hampshire Thrift Bancshares completed its
