The Encore branches that Boston Federal is acquiring are located in Belmont, Lexington, Needham, Newton, Sudbury, Wellesley and Woburn. The deposits to be purchased from Encore Bank total approximately $330 million. Boston Federal has agreed to pay a premium of approximately 1.3% of the deposits on the acquisition date.
The deal nearly doubles the presence of Boston Federal's parent company, BostonFed Bancorp, Inc. which also owns Broadway National Bank. The two banks have 11 branch offices in the Greater Boston area.
Keefe, Bruyette & Woods Inc. advised Boston Federal in the transaction while Sandler O'Neill & Partners, LP advised Encore Bank.
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