Massbank shareholders say 'yes' to merger with Eastern Bank

By Lisa Kerner

Charlotte, N.C., July 16 - Massbank Corp. shareholders approved the company's acquisition by Eastern Bank Corp. at a special meeting on July 15.

The agreement was approved by holders of more than 77% of Massbank's outstanding shares of common stock, a company news release said.

On March 11, Eastern Bank announced it agreed to acquire Massbank, a Reading, Mass., bank holding company, for approximately $170 million in cash, or $40 per share.

Eastern Bank and Massbank expect the merger to close before the end of the third quarter of 2008.

Massbank also announced a quarterly cash dividend on its common stock of $0.29 per share payable on the earlier of Aug. 12 or the date immediately preceding the closing of the merger. Record date for receipt of the dividend is July 29.

According to Massbank, this is the company's 88th consecutive dividend.

Boston-based Eastern Bank is an independent, mutually owned commercial banking franchise in New England.

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