ATLANTA, April 13, 2015 — Adams Community Bank and Lenox National Bank announced a definitive agreement whereby Adams Community Bank has agreed to acquire Lenox National Bank. Both banks are based in Berkshire County, Massachusetts.
Under the terms of the agreement, Adams Community Bank will acquire Lenox National Bank for $14.3 million in cash. Shareholders of the closely held Lenox National Bank will receive $1,388.35 in cash per share. This amount per share represents a price to tangible book value of 170.7%.
“We are very pleased to be partnering with Adams Community Bank and believe that this transaction is an excellent opportunity for our shareholders, customers, employees and the Berkshire community at large,” said Paul Merlino, President and CEO of Lenox National Bank.
The transaction is expected to close in the third quarter, subject to approval of the holders of at least two-thirds of the shares of Lenox National Bank and receipt of the customary regulatory approvals.
“Lenox National Bank is well-run and has great strengths in its customers and employees,” said Charles P. O’Brien, Adams Community Bank President and CEO.
FIG Partners acted as advisor to Lenox National Bank and rendered a fairness opinion to its Board of Directors in conjunction with the transaction.
Cranmore, FitzGerald & Meaney served as legal counsel to Lenox National Bank with attorneys Jody Cranmore and Jennifer DiBella acting as lead counsel.
The full release from Adams Community Bank is available here.