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On October 25, 2013, New Hampshire Thrift Bancshares, Inc. (Nasdaq: NHTB), together with its subsidiary Lake Sunapee Bank, fsb, announced that it completed its previously announced acquisition of Central Financial Corporation (OTC: CEVT) of Randolph, Vermont, and its subsidiary, The Randolph National Bank (“RNB”). The combined company has approximately $1.4 billion in assets and operate 38 locations in New Hampshire and Vermont. Shareholders of Central Financial Corporation received 8.699 shares of New Hampshire Thrift Bancshares common stock for each share of Central Financial Corporation common stock.
Following the merger, Steven H. Dimick will be appointed to the Board of Directors of New Hampshire Thrift Bancshares and Lake Sunapee Bank. All of the remaining members of the Board of Directors have been invited to serve as members of the Company’s Upper Valley regional advisory board.
Originally established in 1875, The Randolph National Bank serves the credit and deposit needs of individuals and businesses with offices in the Vermont communities of Rochester, Royalton, South Royalton, Randolph, Williamstown and Quechee.
New Hampshire Thrift Bancshares operates 22 locations in New Hampshire in Grafton, Hillsborough, Merrimack and Sullivan Counties, as well as eight locations in Vermont in Rutland and Windsor Counties. Lake Sunapee Bank, fsb, has three wholly owned subsidiaries: Lake Sunapee Financial Services Corp.; Lake Sunapee Group, Inc., which owns and maintains all buildings and investment properties; and McCrillis & Eldredge Insurance, Inc., a full-line independent insurance agency acquired in 2012, which offers a complete range of commercial insurance services and consumer products. Lake Sunapee Bank has announced its intention to purchase the remaining 50 percent of Charter Holding Company which it does not currently own. Charter Holding Company is headquartered in Concord, New Hampshire and provides trust and investment services from seven offices across New Hampshire with approximately $1.5 billion of assets under management.
Griffin Financial Group, LLC served as exclusive financial advisor to New Hampshire Thrift Bancshares, Inc. in this transaction.
For more information on this transaction, please contact Richard L. Quad, Senior Managing Director and Co-Head of the Financial Institutions Group, at (646) 254-6387.
