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Brookline Bancorp, Inc. (NASDAQ: BRKL) today announced that it has completed its acquisition of Bancorp Rhode Island, Inc. (NASDAQ: BARI), a $1.6 billion bank holding company based in Providence, Rhode Island. Bancorp Rhode Island’s bank subsidiary, Bank Rhode Island, will continue to operate as a subsidiary of Brookline Bancorp and has 17 branch locations throughout Rhode Island.
The total consideration paid by Brookline Bancorp is comprised of approximately 10.9 million shares of common stock and $112.9 million in cash. Based on the final election results and the provisions of the related merger agreement, Bancorp Rhode Island shareholders who made a valid stock election or no election will receive 4.686 shares of Brookline Bancorp common stock for each Bancorp Rhode Island share held by them, and Bancorp Rhode Island shareholders who made a valid cash election will receive the stock consideration for approximately 47.6% of their Bancorp Rhode Island shares and cash consideration of $48.25 per share for the balance of their Bancorp Rhode Island shares.
Brookline Bancorp also announced that Merrill W. Sherman, previously President and CEO of Bancorp Rhode Island and Bank Rhode Island, and Bogdan Nowak, a Bancorp Rhode Island board member, have joined the Brookline Bancorp Board of Directors. Mark J. Meiklejohn, previously the Chief Lending Officer at Bank Rhode Island, was named President and CEO of Bank Rhode Island.
“We are very pleased to welcome the customers and employees of Bank Rhode Island to our growing family of regional banks,” said Paul A. Perrault, President and CEO of Brookline Bancorp. “The addition of Merrill Sherman and Bogdan Nowak to our board and the appointment of Mark as President and CEO of Bank Rhode Island ensures a smooth transition and continued growth at Bank Rhode Island.”
Brookline Bancorp announced that, as it completes the integration of Bancorp Rhode Island, it plans to release its fourth quarter 2011 earnings report after the close of business on Wednesday, January 25, 2012.