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North Shore Bank and Merrimac Savings Bank Announce Merger Agreement

10  June 2015
North Shore Bank and Merrimac Savings Bank Announce Merger Agreement

Combined Banks Increase to almost $750M in Assets with 12 Branches

PEABODY & MERRIMAC, MA — North Shore Bank (www.northshore-bank.com) and Merrimac Savings Bank (www.merrimacbank.com) are pleased to announce that they have entered into a definitive merger agreement. Under the terms of the agreement the two banks will merge into one financial institution operating as North Shore Bank.

In a joint statement, David J. LaFlamme, Chief Executive Officer of North Shore Bank and its parent North Shore Bancorp and Merrimac Savings Bank President and CEO, John E. Meserve stated:

 “We’re confident that this merger will prove beneficial to the customers, our communities and the employees of both institutions.” They further related, “Since both organizations have similar business approaches, are equally committed to providing high-value products and services and share the same customer-first ethos, we anticipate that any changes will be largely transparent to the greater community and the two organizations should transition seamlessly.”

Merrimac Savings Bank operates through two full-service banking locations, its corporate headquarters in Merrimac, Massachusetts and a branch office in Newton New Hampshire. With $73 million in total assets, the bank was chartered in 1871.

Merrimac Savings Bank President and CEO, John Meserve related:

“Merging with North Shore Bank will provide our customers with considerable benefits. Between higher lending limits, the ability to offer enhanced products and services and a much larger branch and ATM network, there is little question that the merger will have a favorable impact right from the outset.” He went on to state, “In North Shore Bank, we’ve found an ideal merger partner that not only shares a long history but is as unwavering in its commitment to mutuality as it is to providing value to the cities and towns which we serve.”

According to Mr. LaFlamme:

 “This is a really exciting opportunity for North Shore Bank. Merging with Merrimac Savings Bank will allow us to broaden our reach into Northern Essex County and Southern New Hampshire. After successfully merging with Saugusbank last year, a like-minded organization that shared our corporate values, we’re pleased to revisit the strategy with Merrimac Savings — a franchise that is similarly committed to customer service and relationship banking.” He went on to say, “In today’s banking industry, attaining scale has become a critical necessity – it enables banks like ours to effectively meet the increasing economic, regulatory and technological demands while remaining competitive. This merger allows us to achieve that and we couldn’t be happier to have Merrimac Savings Bank join the North Shore Bank team.”

Upon completion of the merger, North Shore Bank will grow to almost $750 million in assets and will operate out of eleven full-service branches throughout Essex County, Massachusetts and one in southern New Hampshire. It is anticipated that the merger will be completed during the fourth calendar quarter of 2015 and it is subject to the approval by the directors of North Shore Bancorp and the Corporators of Merrimac Savings Bank as well as the Federal Deposit Insurance Corporation (FDIC) as well as the Massachusetts and New Hampshire Division of Banks.

FinPro Capital Advisors, Inc. served as financial advisor and Nutter, McClennen & Fish, LLP is serving as legal counsel to North Shore Bank in the merger. Bowditch & Dewey, LLP is serving as legal counsel to Merrimac Savings Bank in the merger.

North Shore Bank, established in 1888, is a full-service community bank based in Peabody, Massachusetts. The Bank is a wholly owned subsidiary of North Shore Bancorp and currently maintains ten branches located in the Essex County communities of Beverly, Danvers, Middleton, Peabody, Saugus and Salem. The Bank also maintains an online banking presence at northshore-bank.com. At North Shore Bank, every deposit is insured in full. The Federal Deposit Insurance Corporation (FDIC) insures each depositor up to $250,000. All deposits above the FDIC limit are insured in full by the Share Insurance Fund (SIF).

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