Japanese Bankshares to purchase Century Bancorp for $642 million

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Japanese Bankshares in Boston has agreed to purchase Century Bancorp in Medford, Mass.

The $16 billion-asset Japanese mentioned in a press launch Wednesday that it’s going to pay $642 million in money for the $6.4 billion-asset Century. The deal, which is predicted to shut within the fourth quarter, priced Century at 175% of its tangible e-book worth.

The announcement comes about six months after Japanese raised about $1.7 billion by means of its preliminary public providing.

“We’ve admired Century’s success since its founding by Marshall Sloane in 1969 and in the present day they’re New England’s largest family-run financial institution,” Bob Rivers, Japanese’s chairman and CEO, mentioned within the launch.

“The Century Financial institution model has continued to rise in prominence and it was a proud second for us once they communicated they wished to associate with Japanese,” Rivers added. “We’re excited for the alternatives this settlement creates and consider our mixture will deepen our attain in offering banking providers and different help to communities throughout better Boston and southern New Hampshire.”

Japanese mentioned it expects the deal to be 55% accretive to its earnings.

J.P. Morgan Securities and Nutter McClennen & Fish suggested Japanese. Piper Sandler and Goodwin Procter suggested Century.

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