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Danvers Bancorp To Buy Beverly National For $62M

DANVERS, Mass. (AP) ¿ Two banks on the North Shore of Boston are combining.

The parent company of Danversbank has agreed to acquire Beverly National Corp. for about $62 million, or $23.04 per share, in an all-stock transaction.

Danvers Bancorp Inc. CEO Kevin Bottomley said Wednesday the deal will boost earning prospects and make the company the sixth-largest publicly traded bank based in Massachusetts, with assets worth $2.2 billion and deposits of $1.6 billion.

The two banks combined have 25 branch offices.

Bottomley would continue as chief executive after the acquisition. Beverly CEO Donat Fournier would become an executive vice president.

The deal is expected to close in the fourth quarter and requires shareholder approval.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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