Rockport National Bancorp, Inc.(fka RPOR)

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More merger news-

On Tuesday, April 15, 2014, the Boards of Directors of Rockport National Bancorp, Inc. and Rockport National Bank voted to enter a definitive merger agreement with the Institution for Savings in Newburyport and its Vicinity. Pursuant to the Agreement, Rockport will merge with and into Institution for Savings. The merger of Rockport and Institution for Savings will create a strong banking franchise, committed to serving the needs of communities, customers and businesses throughout Essex County.

Institution for Savings was founded in 1820 and is one of the oldest mutual banks in the country. It has $1.7 billion in assets and seven branches serving communities in Essex County. Like Rockport, Institution for Savings is committed to employee retention, charitable giving and the highest level of customer service. Institution for Savings has been recognized by The Boston Globe as one of the Top Places to Work each of the past six years and was recognized as the Top Medium Employer in 2013 and Top Small Employer in 2011. For more information, visit www.institutionforsavings.com.

Under the Agreement, Rockport shareholders will receive $138.58 in cash in exchange for each share of Rockport common stock. This represents a premium of approximately 127% over the recent closing price of $60.95 per share, and represents approximately 193% of Rockport’s tangible book value as of December 31, 2013 and approximately twenty-nine (29) times Rockport’s earnings for 2013.


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http://www.rockportnational.com/ContentPage.aspx?name=Important+Information

Marker:
Rockport National Ba (RPOR)
$132.50 0.0 (0.00%)
Volume: 0