Japanese Bankshares in Boston has agreed to purchase Century Bancorp in Medford, Mass.
The $16 billion-asset Japanese stated in a press launch Wednesday that it’s going to pay $642 million in money for the $6.4 billion-asset Century. The deal, which is predicted to shut within the fourth quarter, priced Century at 175% of its tangible guide worth.
The announcement comes about six months after Japanese raised about $1.7 billion via its preliminary public providing.
“We’ve admired Century’s success since its founding by Marshall Sloane in 1969 and right now they’re New England’s largest family-run financial institution,” Bob Rivers, Japanese’s chairman and CEO, stated within the launch.
“The Century Financial institution model has continued to rise in prominence and it was a proud second for us after they communicated they needed to accomplice with Japanese,” Rivers added. “We’re excited for the alternatives this settlement creates and imagine our mixture will deepen our attain in offering banking companies and different assist to communities throughout higher Boston and southern New Hampshire.”
Japanese stated it expects the deal to be 55% accretive to its earnings.
J.P. Morgan Securities and Nutter McClennen & Fish suggested Japanese. Piper Sandler and Goodwin Procter suggested Century.
