July 12, 2019
Community Bank Systems Inc. acquires Kinderhook Bank Corp
Kinderhook Bank Corp. provides Community Bank Systems, Inc. a solid operating presence in the Capital District of Upstate New York, with total assets of nearly $640 million, deposits of $560 million and 11 banking offices across a five county area.
Loomis & Co. identified the pairing, initiated the dialogue, assisted in structuring and negotiating the transaction, and helped consummate the transaction, acting as exclusive financial advisor to Community Bank Systems.
July 1, 2018
New Hampshire Mutual Bancorp and Savings Bank of Walpole Merge
New Hampshire Mutual and Savings Bank of Walpole completed a merger of mutuals. The combined bank operates 27 branches in New Hampshire and is ranked fourth in deposits in the state.
Loomis & Co. completed the fair value analysis for New Hampshire Mutual.
August 1, 2017
Patriot Bank, National Association Acquires Prime Bank
On August 1, 2017 Patriot National Bank (NASDAQ: PNBK) acquired Prime Bank. The acquisition expanded Patriot’s community banking presence and footprint in Southern Connecticut.
Loomis & Co. served the exclusive financial advisor, and rendered a Fairness Opinion to Prime.
February 3, 2017
Community Bank Systems, Inc. Acquires Northeast Retirement Services
Northeast Retirement Services, Inc. (“NRS”) of Woburn, MA was acquired in a $165 million cash and stock transaction by Community Bank System, Inc. (NYSE: CBU). Loomis & Co. introduced the parties, acted as exclusive financial advisor to NRS, negotiated the transaction, and rendered a fairness opinion.
April 27, 2015
Merchants Bancshares, Inc. Acquires NUVO Bank & Trust Co.
South Burlington, Vt.-based Merchants Bancshares Inc. ($1.72 billion), the parent company of Merchants Bank, agreed to acquire Springfield, Mass.-based NUVO Bank and Trust Co. ($153.5 million). The agreement has been approved by both of the Boards of Directors of Merchants and NUVO. The closing is anticipated to occur during the fourth quarter of 2015, subject to approval by NUVO shareholders, receipt of required regulatory approvals and other customary closing conditions. Loomis & Co., Inc. acted as financial advisor to NUVO Bank & Trust Company and rendered a fairness opinion to its Board of Directors. Read full press release here.
April 1, 2014
Delaware Bancshares, Inc. Acquires Six Bank of America Branches
Delaware Bancshares, Inc. (OTCQB:DBAI) announced that its wholly owned subsidiary, the National Bank of Delaware County (“NBDC”) entered into a purchase and assumption agreement to acquire six (6) branch banking locations in Sullivan County, New York from Bank of America. The transaction, which is subject to regulatory approval and customary closing conditions, is expected to close in the third quarter of 2014. Loomis & Co. is financial advisor, sourced the transaction, provided a fairness opinion, and acted as placement agent in connection with the transaction.
January 14, 2014
New England Teamsters FCU Acquires Teamsters Local 170 FCU
Loomis & Co. provided a fair value analysis in connection with the merger application to the National Credit Union Administration and the Massachusetts Share Insurance Corporation.
October 25, 2013
New Hampshire Thrift Bancshares Inc. Acquires Central Financial Corp
New Hampshire Thrift Bancshares (NASDAQ: NHTB) has acquired Central Financial Corp (PINK SHEET: CEVT) for approximately $15.9 million in an all-stock deal. Under the terms of the deal, each share of Central Financial Corp common stock will be exchanged for 8.699 shares of New Hampshire Thrift common stock. Central Financial Corp of Randolph, VT reported total assets of approximately $170 million and total deposits of approximately $150 million as of December 31, 2012. The deal gives New Hampshire Thrift Bancshares an increased presence in Windsor County, VT and marks its entrance into Orange County, VT. The transaction was completed on October 25, 2013.
Loomis & Co. completed the fair value analysis.
October 8, 2013
New Hampshire Thrift Bancshares Inc. Acquires Charter Holding Corp
New Hampshire Thrift Bancshares Inc. (NASDAQ: NHTB) completed its acquisition of the remaining 50% stake in Concord, NH based Charter Holding Corp. from Meredith Village Savings Bank on October 8, 2013. NHTB paid $6.2 million in cash to acquire the remaining stake. As a result Charter Holding has become a wholly owned subsidiary of NHTB’s Lake Sunapee Bank.
Loomis & Co. acted as financial advisor and completed the fair value analysis for NHTB.
September 6, 2013
SI Financial Group Acquires Newport Bancorp
On September 6, 2013, SI Financial Group, Inc. (NASDAQ: SIFI) completed its acquisition of Newport Bancorp, Inc. (NASDAQ: NFSB) and its bank subsidiary, Newport Federal Savings Bank. The $63.94 million purchase price represents $17.59 per share.
Loomis & Co. initiated discussions between NFSB and SIFI, acted as SIFI’s financial advisor, and provided Fairness Opinions to SIFI, and completed the fair value analysis for SIFI.
April 30, 2013
NUVO Bank & Trust Company Issues 487,227 Units in a Successful Financing
NUVO Bank & Trust Company completed a public offering of 487,227 Units on April 30, 2013. Each $9.00 Unit consisted of two shares of common stock at $4.50 per share and a four year warrant to purchase an additional share of common stock at $5.00.
Loomis & Co. and its broker dealer subsidiary Northeast Capital & Advisory served as financial advisor and lead managing underwriter to NUVO.
January 2, 2013
Merrimack Bancorp MHC and Meredith Village Savings Bank Merge
On January 2, 2013, Merrimack Bancorp and Meredith Village Savings Bank completed a merger of mutuals to form New Hampshire Mutual Bancorp, the first multi-bank mutual holding company in the state. The combined bank will operate 18 branches in New Hampshire, ranked fifth with a 3.54% share of approximately $27.08 billion in total market deposits.
Loomis & Co. completed the fair value analysis for New Hampshire Mutual.
October 8, 2012
Bar Harbor Bankshares Acquires Border Trust Company
Bar Harbor, Maine based Bar Harbor Bankshares (NYSEMKT: BHB) completed its acquisition of certain assets and liabilities of Augusta, Maine based Border Trust Company on October 8, 2012. Bar Harbor paid a 3.85% deposit premium for all core deposits and purchased Border Trust's loan portfolio at a 3% discount to book value, excluding certain OREO properties and selected non-performing loans. The deal allows Bar Harbor to enter Kennebec County, Maine and Sagadahoc County, Maine.
Loomis & Co. completed the fair value analysis for Bar Harbor.
July 7, 2012
Wallkill Valley Federal Savings & Loan Acquires Highland Falls Federal Savings & Loan
Wallkill Valley Federal Savings & Loan Association (“Wallkill”) and Highland Falls Federal Savings & Loan Association (“Highland”) announced the completion of their merger on July 7, 2012. With combined assets of over $175 million, the newly merged entity will continue to be primarily a residential mortgage lender, and will expand to offer business accounts, loan and other credit products.
Northeast Capital served as financial advisor to Wallkill, helped to negotiate and structure the transaction, and assisted the bank in the regulatory review process.
June 27, 2012
Lyons Bancorp, Inc. Issues 192,307 Shares of Common Stock and Announces Successful Completion of Rights Offering
Lyons Bancorp, Inc (OTC: LYBC) announced the issuance of 192,307 shares of common stock at the price of $26 per share. The deal was completed on June 27, 2012, raising $5 million in gross proceeds. Due to SEC restrictions, approximately $10 million in investor subscriptions for shares were returned to investors.
Northeast Capital & Advisory, Inc. acted as lead managing underwriter and financial advisor in the transaction.
March 1, 2012
Monadnock Bancorp, Inc. Being Acquired by GFA Federal Credit Union
GFA Federal Credit Union (“GFA”), Monadnock Bancorp, Inc. (OTC: MNKB) and Monadnock Community Bank, the wholly-owned subsidiary of Monadnock Bancorp, Inc., announced on March 1, 2012 that they have signed a definitive purchase and assumption agreement under which GFA will acquire substantially all of the assets and assume substantially all of the liabilities of Monadnock Community Bank for approximately $6.4 million in cash. The $6.4 million purchase price equates to approximately $5.50 per share in cash for each of the 1.164 million outstanding shares of Monadnock common stock.
Northeast Capital served as financial advisor to Monadnock, negotiated the transaction and rendered a Fairness Opinion to Monadnock. The expected closing date is the fourth quarter 2012.
November 10, 2011
New Hampshire Thrift Bancshares Inc. Acquires McCrillis & Eldredge Insurance Inc.
New Hampshire Thrift Bancshares Inc. (NASDAQ: NHTB) acquired McCrillis & Eldredge Insurance Inc. for $1.5 million on November 10, 2011. The deal was comprised of a mix of cash, stock, and debt. As a division of the Bank, the agency continues to operate under the name McCrillis & Eldredge Insurance, Inc.
Loomis & Co. and its wholly owned subsidiary Northeast Capital & Advisory acted as financial advisor and completed the fair value analysis for NHTB.
May 27, 2011
Bridge Bancorp: Acquisition of Hamptons State Bank
Bridge Bancorp, Inc (NASDAQ: BDGE) the holding company for Bridgehampton National Bank completed the acquisition of Hamptons State Bank on May 27, 2011 for approximately $6.3 million in stock. Based upon a fixed exchange ratio of 0.3434 Bridge shares for each Hamptons share, the price of $7.85 per share represented 136% of book value and tangible book value and a 4% premium to core deposits. Bridge will expand in Suffolk County by 1 branch to a 2.57% share of $35.92 billion in total market deposits.
Northeast Capital & Advisory, Inc. served as financial advisor, helped negotiate and structure the transaction, and rendered a Fairness Opinion to Bridge. Luse Gorman Pomerenk & Schick provided legal counsel to Bridge.
February 28, 2011
The First Bank of Greenwich: Announces the Successful Completion of Capital Raising
The First Bank of Greenwich (“Greenwich”) successfully completed the raising of additional capital through the sale of 3,971,115 shares of authorized but previously unissued Common Stock of the Bank at a price of $1.75 per share. The stock offering was completed on March 3, 2011 pursuant to an agreement with two of the Bank’s current Directors, George D’Angelo and John Fareri, who invested an aggregate of $5 million ($2 million of which was invested in the Bank in December, 2010). The remaining $3 million, along with additional investments of approximately $1.9 million by other investors through a private placement offering completed on February 28, 2011, enabled the Bank to raise a total of $6.9 million in capital.
Northeast Capital served as financial advisor and selling agent in connection with the placement and rendered a Fairness Opinion to Greenwich. Hinckley Allen & Snyder LLP provided legal counsel to Greenwich.
August 23, 2010
USNY Bank Redeems 408,000 Shares of Common Stock from Capitol Bancorp Limited and Announces Successful Completion of Rights Offering
USNY Bank (“USNY”) announced the acquisition of 408,000 shares of common stock, representing a 51% ownership position in USNY held by Capitol Bancorp. USNY paid $2.7 million. In connection with the repurchase of these shares, USNY undertook a rights offering of 281,134 units, comprised of four shares and one warrant at $20 per unit. The deal was completed on August 23, 2010, raising $5.6 million in gross proceeds.
Northeast Capital & Advisory, Inc. acted as financial advisor, rendered a Fairness Opinion to USNY Bank, and was the selling agent in the rights offering for USNY Bank.
August 25, 2009
Salisbury Bank & Trust Company Acquires Canaan, CT Branch of Webster Bank
Salisbury Bank & Trust Company (NASDAQ: SAL) completed the acquisition of a Canaan, Connecticut branch of Webster Bank, NA on December 4, 2009. Salisbury Bank & Trust Company assumed approximately $17.2 million in deposits. Salisbury will merge its operations with and into the existing Webster branch, which will operate as a branch of Salisbury Bank.
Northeast Capital & Advisory, Inc. served as financial advisor to Salisbury, and Cranmore FitzGerald & Meaney served as their legal counsel.
July 14, 2008
Passumpsic Bancorp Acquires Lancaster National Bank
Passumpsic Bancorp (“Passumpsic”) the holding company for Passumpsic Savings Bank acquired Lancaster National Bank on July 14, 2008 for approximately $11.5 million in cash. Passumpsic had previously acquired 10% of the voting shares of Lancaster National Bank through its acquisition of Siwooganock Holding Company in October 2006. Passumpsic acquired the remaining 90% of Lancaster common stock at $57 in cash per share. Passumpsic will expand in Coos County, NH by 3 branches to be ranked third with a 19.7% share of $502.3 million in total market deposits.
Northeast Capital & Advisory, Inc. served as the financial advisor to Passumpsic and Primmer Piper Eggleston Cramer PC provided legal counsel to Passumpsic in this acquisition.
September 11, 2007
First Ipswich Bancorp Proposes Stock Reclassification
First Ipswich Bancorp announced on September 11, 2007, it will propose the reclassification of common stock held by shareholders of less than 200 shares of Series A Preferred Stock on a one-on-one basis. Shareholders owning 200 or more shares of common stock will remain unaffected by the reclassification. The reclassification is a continuing effort to increase Bank profitability and shareholder value.
As a result of reclassification, there will be a reduced total number of common shareholders below the level at which the SEC requires extensive reporting. First Ipswich will benefit from significant cost savings by removing the burden of its reporting obligations under the Securities Exchange Act of 1934 and the Sarbanes-Oxley Act of 2002. President and CEO, Russell G. Cole says “this move will free up an enormous amount of time and money we are forced to spend maintaining the requirements of a publicly-held company.”
Cole added, "This is a very fair way to privatize the Company while allowing all current shareholders to retain their equity interest in the Company. Quite simply, given the high cost of regulation, the benefits of being a publicly traded community bank don't exist today. The trading volume of our stock does not justify the tremendous expense we incur by being a public company. Like many community banks and small companies, we believe this process will allow us to realize substantial cost reductions and efficiencies."
Northeast Capital was engaged as the exclusive financial advisor for First Ipswich Bancorp.
August 28, 2007
Northway Financial, Inc. Announces Reverse and Forward Stock Splits as Part of a Going-Private Transaction
As part of a going private transaction, Northway Financial, Inc. filed amendments to its Articles of Incorporation to effect a 1-for-400 reverse stock split, followed by an 800-for-1 forward stock split. Amendments were approved at the Annual Meeting of Stockholders of Northway on August 28, 2007. Each holder of fewer than 400 Northway shares on September 4, 2007 (the record date for the Stock Splits), is entitled to receive $37.50 in cash for each share. Each holder of 400 or more shares of common stock will participate in the forward stock split, resulting in such stockholders holding twice the number of shares held prior to the Stock Splits.
Effective September 21, 2007, Northway Financial, Inc. will deregister its common stock under the Securities Exchange Act of 1934. It is expected that deregistration will become effective 90 days after the date of filing of the Form 15 with SEC. Northway intends to provide quarterly and annual information regarding their performance to all shareholders, though it is no longer required by the SEC after deregistering.
Northway Financial, Inc. will voluntarily suspend trading of its stock on NASDAQ on September 12, 2007, and will be quoted on the Over the Counter Bulletin Board. Northway requested that its stock symbol remain NWFI.
Northeast Capital & Advisory, Inc. served as financial advisor and rendered a Fairness Opinion to Northway.
August 2, 2007
Community Bancorp Acquires LyndonBank
August 2, 2007, Community National Bank and LyndonBank announced that they have signed a definitive merger agreement under which Community will acquire LyndonBank for approximately $26.7 million.Terms of the agreement call for LyndonBank to be merged into Community's wholly owned subsidiary, Community National Bank. The combined institutions will serve customers through a network of full service branches in northern and central Vermont, with LyndonBank branches becoming branches of Community National Bank. The deal value represents 191.50% of tangible book value and an 11.92% premium to core deposits, and 42.28 times annualized year-to-date earnings.
Northeast Capital & Advisory, Inc. served as financial advisor to Community in the transaction, while Primmer Piper Eggleston & Cramer, PC provided legal counsel.
May 15, 2007
Delaware Bancshares Announces Merger with Stamford Bank Corporation
Delaware Bancshares (OTC: DBAI) the holding for The National Bank of Delaware County, and Stamford Bank Corporation (OTC: SMFB) the holding company for The National Bank of Stamford, announced on May 15, 2007 that they have signed a definitive merger agreement under which Delaware will acquire Stamford for approximately $21.7 million in cash. Headquartered in Stamford, New York, Stamford had assets of approximately $93.1 million at March 31, 2007 and operates two branches in Delaware County. Upon consummation, Delaware will serve customers through a network of six full-service branches with combined assets of approximately $247.7 million and deposits of approximately $207.3 million.
Northeast Capital was instrumental in orchestrating this transaction by acting as the financial advisor and rendering a Fairness Opinion to Delaware. The transaction closed in the fourth quarter 2007.
March 30, 2007
Cambridge, Massachusetts Branch
On March 30, 2007 First Ipswich Bancorp sold its branch located in Cambridge, Massachusetts. Upon consummation of the sale, $16.7 million of deposits and repurchase agreements and $11.9 million of loans were transferred. The Cambridge branch loans were to be transferred at par with limited recourse, deposits and repurchase agreements to be transferred at a premium of 3.0%, and other assets and liabilities to be transferred at net book value.
March 30, 2007
First Ipswich Bancorp sells Cambridge branch to East Cambridge Savings and closes the Londonderry branch with the sale of assets to Southern New Hampshire Bank & Trust Co. (Bank of New England)
First Ipswich Bancorp (OTC: FIWC) implemented its strategic plan which called for the sale of the bank's Cambridge branch (closed March 30, 2007), the closing of the Londonderry branch (May 11, 2007), sale of $39.1 million of investments in 2006, sale of $9.3 million of loans in 2006 and $15.0 million in 2007, closing of five off-site ATM's, consolidation of Rowley branches and the previously planned divestiture of the Bank's trust department (which resulted in a gain of $0.4 million).
First Ipswich's primary objective is to become a highly profitable community bank with a focused and disciplined approach. The Bank's path to consistent profitability will be accomplished by reductions in expenses and a concentration on the growth of the small client base which will generate new loans and deposits.
Northeast Capital was engaged as the exclusive financial advisor in the sale of both the Cambridge branch and Londonderry branch and also rendered a Fairness Opinion for both branches.
February 5, 2007
Londonderry, New Hampshire Branch
On February 5, 2007 First Ipswich Bancorp announced that it was closing its branch located in Londonderry, New Hampshire. In conjunction with that closing, in the first quarter of 2007 the Bank sold $15.0 million of commercial real estate loans and commercial loans. A net gain of $311,000 was recognized on the sale of the loans. The Loans of the Londonderry branch were sold at a premium equal to 2.5% of the unpaid principal balance of the Loans as of the closing, with no recourse. The branch was closed on May 11, 2007.
October 18, 2006
Passumpsic Bancorp Acquires Siwooganock Holding Company
Passumpsic Bancorp (“Passumpsic”) the holding company for Passumpsic Savings Bank acquired Siwooganook Holding Company (“Siwooganock”) (Pink: SWGC) the holding company for Siwooganock Bank on October 18, 2006 for approximately $16.7 million in cash. The price of $35.75 per share in cash for each of the 467,080 shares of Siwooganock common stock outstanding represents 201.18% of book and tangible book value, a 13.7% premium to core deposits, and 34.6 times last-twelve months core earnings. As a result of the acquisition, Passumpsic will have a network of 11 full service branches in northern Vermont and northern New Hampshire, with combined assets of approximately $489.0 million and deposits of approximately $389.7 million. This is the first whole bank acquisition for Passumpsic.
Northeast Capital & Advisory, Inc. served as financial advisor to Passumpsic and Primmer Piper Eggleston & Cramer PC provided legal counsel to Passumpsic in this acquisition.