BOSTON - BayBanks Inc. said it has completed the acquisition of the southern New Hampshire-based holding company NFS Financial Corp.
NFS Savings Bank of Nashua and Plaistow Cooperative Bank of Plaistow will be merged and operate as BayBank FSB, headquartered in Nashua.
The acquisition adds $618 million of assets and 11 offices to the BayBank network, the purchaser said.
NFS shareholders will receive $20.15 in cash and 0.1696 share of BayBanks' common stock for each NFS share, or a total of $33.50 a share, calculating from the recent closing price of BayBanks' common stock. The acquisition value is about $98 million.
BayBanks vice chairman Richard F. Pollard will become chief executive of BayBank FSB, succeeding James H. Adams, president and chief executive.
Mr. Adams will continue in an advisory capacity. Robert J. Rzasa, executive vice president and chief operating officer, has been elected a director.
In March, BayBanks announced plans to acquire Cornerstone Financial Corp. of Derry, N.H., a $141 million-asset commercial bank with 11 offices in southern New Hampshire. This transaction is pending shareholder and regulatory approval and is expected to close later in the year.
BayBanks, headquartered in Boston, has $10.8 billion of assets.