Benjamin Franklin Accumulation Coffer is a accompaniment accountant accumulation coffer headquartered in Franklin, MA with 6 branches and $516.6 actor in assets as of July 31, 2004. Chart Coffer is a accompaniment accountant coffer headquartered in Waltham, MA, with $253.4 actor in assets, three retail branches, eleven alien ATMs, and 57 employees. The accumulated coffer will accept about $800 actor in assets, with nine annex offices.
Under the acceding of the alliance acceding with Benjamin Franklin Accumulation Bank, shareholders of Chart Coffer will be advantaged to accept $30.75 per allotment in accepted banal of the Benjamin Franklin Bancorp, the captivation aggregation for Benjamin Franklin Accumulation Bank, or cash, or a accumulated thereof, accountable to acclamation and allocation procedures that are advised to ensure that, in the aggregate, 55% of Chart Bank’s shares will be exchanged for the banal of Benjamin Franklin Bancorp and 45% will be exchanged for cash. It is accepted that the accumulated acquirement amount of the transaction will be about $48 million.
In adjustment to facilitate the proposed merger, Benjamin Franklin Bancorp additionally appear that it affairs to seek all accumulated and authoritative approvals all-important to catechumen from the alternate anatomy of buying to the banal anatomy of ownership. A cogent allocation of the gain of the about-face alms forth with added shares issued by the captivation aggregation will be acclimated to access the banal of Chart Bank. The mutual-to-stock about-face will be conducted in accordance with applicative authoritative requirements and is accepted to action accompanying with the accretion of Chart Bank.
The Board of Directors of both banks accustomed the merger. The alliance is accepted to abutting by the aboriginal bisected of 2005, accountable to authoritative approvals.
Thomas R. Venables, President and CEO of Benjamin Franklin Accumulation Bank, said, “This transaction is a analytic move for the connected advance of our bank. The accession of Chart Bank’s locations, employees, and barter will represent a amazing accession to our franchise. We acceptable the befalling to abide the aerial akin of account Chart barter accept appear to expect.”
Richard E. Bolton, Jr. President and CEO of Chart Bank, said, “The philosophies of the two banks are absolute agnate emphasizing association roots and a allegation to chump achievement and service. We are admiring that the accumulated coffer will abide to accept able loyalties to the communities we serve.”
No annex offices will be bankrupt as a aftereffect of the acquisition. Benjamin Franklin Accumulation Bank’s Accumulated Appointment will abide in Franklin, MA. In accession the Bank’s Board will add six Directors from Chart Bank.
This account absolution contains assertive advanced statements about the proposed about-face of Benjamin Franklin Bancorp and the accretion of Chart Bank. These statements accommodate the advancing cleanup date of the transaction and the advancing approaching results.
Advanced statements can be articular by the actuality that they do not chronicle carefully to absolute or accepted facts. They generally accommodate words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or approaching or codicillary verbs such as “will,” “would,” “should,” “could” or “may.” Assertive factors that could account absolute after-effects to alter materially from accepted after-effects accommodate delays in commutual the merger, difficulties in accomplishing amount accumulation or in accomplishing such accumulation aural the accepted time frame, difficulties in amalgam Chart Coffer and Benjamin Franklin Accumulation Bank, added aggressive pressures, changes in the absorption amount environment, changes in accepted bread-and-butter conditions, aldermanic and authoritative changes that abnormally affect the businesses in which Chart Coffer and Benjamin Franklin Accumulation Coffer are affianced and changes in the balance market.
Benjamin Franklin will be filing accordant abstracts apropos the alliance with the Balance and Exchange Commission, including a allotment account on Anatomy S-4 absolute a prospectus. WE URGE CHART STOCKHOLDERS TO READ THESE DOCUMENTS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Chart Stockholders will be able to access these abstracts chargeless of allegation at the SEC’s website, www.sec.gov. In addition, abstracts filed with the SEC by Benjamin Franklin will be accessible chargeless of allegation from the Chief Financial Officer of Benjamin Franklin (Claire S. Bean, 58 Main Street, Franklin, Massachusetts 02038, blast (508) 528-7000).
This absolution does not aggregate an action of any balance for sale.
About Benjamin Franklin Accumulation Coffer
Benjamin Franklin Accumulation Coffer is a wholly endemic accessory of the Benjamin Franklin Bancorp, M.H.C. The Coffer is a abounding account association coffer originally accountant in 1871 with six locations: 58 Main Street, Franklin, MA 02038; 231 East Central Street, Franklin, MA 02038; 4 North Main Street Bellingham, MA 02019; 1 Mechanic Street, Foxboro, MA 02035; 76 North Street, Medfield, MA 02052 and 221 Main Street, Milford, MA 01757. The Coffer offers a abounding ambit of aerial affection articles and casework for consumers and baby to mid-sized businesses.
About Chart Coffer
Founded in 1985 and headquartered in Waltham, Chart Coffer has assets of $253.4 million. It operates two branches in Waltham – 1290 Main Street and 75 Moody Street. Chart Coffer additionally has an appointment in Newtonville at 40 Austin Street. Chart Coffer owns Creative Strategic Solutions, Inc. (CSSI) an ATM basement and banknote casework company.
Benjamin Franklin Accumulation BankMariane E. Broadhurst, 1-800-528-7000 x360
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