MA Bancorp to acquire Beverly National Corp. in $62M deal

Two banks on the North Shore of Boston are combining. The parent company of Danversbank agreed to acquire Beverly National for about $62M, or $23.04 per share, in an all-stock transaction. Danvers Bancorp CEO Kevin Bottomley said the deal will boost earning prospect & make it the 6th-largest publicly traded bank based in MA, with assets worth $2.2B & deposits of $1.6B. The banks combined have 25 branch offices. He would continue as CEO after the acquisition. Beverly CEO Donat Fournier would become an EVP. The deal is expected to close in the 4th-Q & requires shareholder approval.