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Abington Buys Mass. Co-operative for $17M

ABINGTON, MA-Massachusetts-based Abington picks up three area banking offices with Friday's $17.3-million acquisition. The conversion is expected to be completed in about a month.

By Glen Thompson | Updated on September 16, 2002

ABINGTON, MA-Following Friday’s $17.3-million sale, Massachusetts Co-operative Bank’s three banking offices will be converted to Abington Savings Banks by mid-October. Abington Bancorp Inc., the holding company for Abington Savings, and Massachusetts Fincorp Inc., the holding company for Massachusetts Co-operative, revealed last Tuesday that all necessary regulatory approvals were in place to complete the transaction.

Abington’s chairman James P. McDonough notes, “As I mentioned when we announced this acquisition, Fincorp’s franchise represents a natural expansion of our franchise geographically and adds some great communities to our banking network.”

Under the terms of the merger agreement between the parties, each outstanding share of Fincorp common stock, other than treasury shares and dissenters’ shares, will be converted into the right to receive $30.00 in cash or 1.6175 shares of Abington common stock for each share of Fincorp common stock, plus cash in-lieu of any fractional share interest.

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