BREAKING NEWS: BankRI Sold to Brookline Bancorp
Wednesday, April 20, 2011
Brookline Bancorp, Inc. announced today that it will acquire Bancorp Rhode Island and its subsidiary, BankRI, for about $234 million in both cash and stock.
BankRI will retain its brand and all branches are expected to remain open.
“Our Board of Directors is proud of the value provided to our shareholders and excited about the long-term upside potential of the combined company,” said Malcolm Chace, Chairman of the Bancorp Rhode Island Board of Directors and the company’s largest shareholder.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe combined organization will have 43 banking offices in Massachusetts and Rhode Island, with about $4.7 billion in assets and $3.2 billion in deposits. BankRI’s 17 branches have the top four and five deposit market positions in Providence and Kent counties, respectively.
“This transaction is a true win-win for Bancorp Rhode Island,” said Merrill W. Sherman, Bancorp Rhode Island’s Chief Executive Officer. “It delivers significant value to our shareholders through a proven business model that allows us to retain our local identity and strong relationships with the customers and communities we serve. With Brookline Bancorp, we will benefit from the scale and greater capital resources of a larger institution, enabling us to enhance efficiencies, invest more in customer service and fund increased business lending.”
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