New Hampshire Thrift Bancshares, Inc. Completes Acquisition of The
NEWPORT, NH -- (Marketwire) -- 12/21/12 -- New Hampshire Thrift
Bancshares, Inc. (the "Company") (NASDAQ: NHTB) announced that it
completed its acquisition of The Nashua Bank today, expanding the
Company's presence in southern New Hampshire. Shareholders of The
Nashua Bank approved the acquisition, and Lake Sunapee Bank, fsb (the
"Bank"), the Company's subsidiary bank, and The Nashua Bank, received
the required regulatory approvals in early December.
The combined company has total assets of approximately $1.2 billion
and a network of 29 branches serving customers in Grafton,
Hillsborough, Sullivan and Merrimack Counties in New Hampshire and in
Addison, Rutland and Windsor Counties in Vermont. The Company issued
approximately 1.15 million shares of its common stock and paid
approximately $3.68 million in cash to Nashua Bank shareholders in
the transaction. The Nashua Bank will operate under the name "The
Nashua Bank, a division of Lake Sunapee Bank, fsb."
Following the merger, G. Frank Teas, currently the President and
Chief Executive Officer of The Nashua Bank, will be employed as
Senior Vice President of Lake Sunapee Bank, fsb. Messrs. Stephen J.
Frasca and John P. Stabile, II have been appointed to the Boards of
Directors of the Company and the Bank to serve until at least the
third anniversary of the merger. The remaining members of the Board
of Directors of The Nashua Bank have been invited to serve as members
of an advisory board to be established and maintained by the Company
for at least three years following the merger.
In commenting on the merger, Stephen R. Theroux, the Company's
President and Chief Executive Officer, said, "We would like to extend
a warm welcome to the customers, employees and shareholders of The
Nashua Bank. We are excited about this growth opportunity, which will
enhance our presence in the southern New Hampshire market, and
further broaden and diversify the geographic and economic communities
served by Lake Sunapee Bank."
About New Hampshire Thrift Bancshares, Inc.
New Hampshire Thrift Bancshares, Inc. is the parent company of Lake
Sunapee Bank, fsb, a federally chartered stock savings bank providing
a wide range of banking and financial ser
vices through 28 offices
strategically located within the greater Dartmouth-Lake
Sunapee-Kearsarge and Monadnock regions of west-central New Hampshire
and central Vermont. At September 30, 2012, the Company had total
assets of approximately $1.1 billion and deposits of approximately
The Company wishes to caution readers not to place undue reliance on
any such forward-looking statements contained in this press release,
which speak only as of the date made. Actual results may differ
materially from those indicated by such forward-looking statements as
a result of various important factors discussed under the caption
"Risk Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2011, and in subsequent filings with the Securities and
Exchange Commission. In addition, the forward-looking statements
included in this press release represent our views as of the date of
this release. The Company and the Bank do not undertake and
specifically decline any obligation to publicly release the result of
any revisions that may be made to any forward-looking statements to
reflect events or circumstances after the date of such statements or
to reflect the occurrence of anticipated or unanticipated events.
Stephen R. Theroux
President and CEO
New Hampshire Thrift Bancshares, Inc.
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