Current Report — Form 8-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 8-K Baybanks, Inc. Current Report Dated June 30, 1995 3 12K
2: EX-99 Press Release 2 8K
EX-99 — Press Release
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Exhibit No. 99
BayBanks(R) BayBanks, Inc. 175 Federal Street, Boston, MA 02110
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News
CONTACT: Investor:
Michael W. Vasily
(617)482-1040
Media:
Bruce E. Spitzer
(617)788-7812 FOR IMMEDIATE RELEASE
BAYBANKS, INC. COMPLETES ACQUISITION OF NFS FINANCIAL CORP.
BOSTON, June 30, 1995 -- BayBanks, Inc. (NMS-BBNK) has announced that
it has completed the acquisition of the southern New Hampshire-based holding
company NFS Financial Corp. (NMS-NFSF). Following the transaction, NFS Savings
Bank of Nashua and Plaistow Cooperative Bank of Plaistow will be merged and
operate as BayBank FSB, headquartered in Nashua. The acquisition adds $618
million of assets and 11 new offices to the BayBank network.
Under the terms of the agreement, NFS shareholders will receive
$20.15 in cash and 0.1696 share of BayBanks' common stock for each NFS share
held, or a total value of approximately $33.50 per share based on today's
closing price of BayBanks' common stock. The total acquisition value is
approximately $98 million.
BayBanks, Inc. Vice Chairman Richard F. Pollard will become chief
executive officer of BayBank FSB, succeeding James H. Adams, president and
chief executive officer. In keeping with previously announced plans, Mr. Adams
will continue to serve the bank in an advisory capacity. Robert J. Rzasa will
continue as executive vice president and chief operating officer of the bank.
Mr. Rzasa also has been elected a director.
"This event marks the beginning of our plan to bring to the southern
New Hampshire market BayBank's extensive line of convenience-based products and
services," said William M. Crozier, Jr., chairman and president of BayBanks,
Inc. "We are fortunate to start with the outstanding reputation created by NFS
in the communities it has served so well over the years. We look forward to
providing to customers, both old and new, BayBank's high level of value-added
services that consumers and businesses throughout Massachusetts have come to
know and enjoy."
BayBanks, Inc., headquartered in Boston, is one of New England's
largest bank holding companies with $10.8 billion in assets at March 31, 1995.
In March, BayBanks, Inc. also announced plans to acquire Cornerstone Financial
Corporation of Derry, N.H., a $141 million commercial bank with 11 offices in
southern New Hampshire. This transaction is pending shareholder and regulatory
approval and is expected to close later in the year.
Dates Referenced Herein and Documents Incorporated by Reference
| Referenced-On Page |
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| This ‘8-K’ Filing | | Date | | First | | Last | | | Other Filings |
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| |  |
| Filed on: | | 7/7/95 |
| For Period End: | | 6/30/95 | | 1 | | | | | 10-Q |
| | 3/31/95 | | 2 | | | | | 10-Q |
| List all Filings |
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