WORCESTER, Mass. -- Shareholders of Peoples Bancorp of Worcester have voted in favor of the agreement to merge with Shawmut Service Corp., a wholly owned subsidiary of Shawmut National Corp.
At a special meeting, 2,501,991 shares, or 74.61% percent of the outstanding common stock, were represented, and 2,479,493 shares were voted in favor of the merger.
Shawmut announced the acquisition agreement in August 1993 for $180 million of stock. Peoples, the parent of Peoples Savings Bank, has $870 million of assets and 23 branches.
Shawmut National has filed a request with the Federal Reserve Board for a waiver of jurisdiction which, if granted, would expedite the merger. If the agency denies the request, the exchange ratio of 2.44 Shawmut shares per Peoples share would have to be recalculated.