On December 18, 2019, Melrose Bancorp, Inc., Melrose, Massachusetts, the holding company for Melrose Bank, and Cambridge Financial Group, Inc., Cambridge, Massachusetts, the mutual holding company for Cambridge Savings Bank, jointly announced that they have entered into a definitive merger agreement, pursuant to which Cambridge Financial Group will acquire Melrose Bancorp. Upon completion of the merger, Melrose Bank will merge with and into Cambridge Savings Bank. Melrose Bancorp shareholders will receive $25.00 in cash per share of Melrose Bancorp common stock.
Luse Gorman is serving as legal counsel to Melrose Bancorp, Inc. in the transaction. The Luse Gorman team consists of Lawrence M.F. Spaccasi, Kent Krudys, Steven Lanter, Jeffrey Cardone and Ellie Cook.
This is Luse Gorman’s 20th bank merger transaction announced in 2019.
Melrose Bancorp, Inc. has approximately $341 million in total assets. Melrose Bank operates as a full-service community bank, with its office located in Melrose, Massachusetts.
Cambridge Financial Group, Inc. has approximately $4.2 billion in total assets. Cambridge Savings Bank offers a full line of individual and business banking services through its 16 branches in Massachusetts.