According to FNBI
's president Gilbert Rynberk, the partnership with a strong organisation would allow his company to further grow its franchise and offer a wider range of products and services to its clients.
Established in 1945, FNBI
is headquartered in Lansing, Illinois and operates seven banking locations in the south and southwest suburbs of Chicago, as well as one location in northwest Indiana.
FNBI is adequately capitalized and also will remain so on consummation of the proposal.
Accordingly, the Board has carefully considered the convenience and needs factor and the CRA performance records of Brookline Bank, FNBI, and BankRI in light of all the facts of record.
Following the acquisition, First Ipswich's unit The First National Bank of Ipswich (FNBI
) will become a separate subsidiary of Brookline.
First Ipswich Bancorp (OTCBB: FIWC), the bank holding company for The First National Bank of Ipswich (FNBI), has said that FNBI has signed a purchase and assumption agreement with Hampshire First Bank (OTCBB: HFBN) for the sale of FNBI's Portsmouth branch office located at 77 Hanover Street.
We've taken a number of steps to achieve our objectives of positioning the Bank as a premier community bank,' said Russell G Cole, president and CEO of FNBI.
Parent company of Brookline Bank, Brookline Bancorp Inc (NASDAQ:BRKL) has acquired holding company of The First National Bank of Ipswich (FNBI), First Ipswich Bancorp (OTC:FIWC) for approximately USD19.7m cash, it declared on Tuesday.
FNBI is a full-service commercial bank on the North Shore of eastern Massachusetts the company added and also said that all outstanding shares of First Ipswich were acquired.
After the transaction is closed, which is expected in the first quarter of 2011, Russell Cole will keep his president and CEO position at FNBI