Directors OKd the merger of 2 New England banks.
Bank of New England and Conifer Group agreed to merge, forming New England’s largest bank with assets of $24 billion. The combined banks will have 481 banking offices in Massachusetts, Connecticut, Rhode Island and Maine. Under the terms of the merger, Bank of New England will exchange $62 worth of its stock for each Conifer Group share. The combined value of the shares received by Conifer Group shareholders is to be $656 million.
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