Hometown Financial Group, Inc. and Randolph Bancorp, Inc. Announce Receipt of Regulatory Approvals and Targeted Closing Date of Merger
Hometown Financial Group and Randolph Bancorp have received all necessary regulatory approvals for their merger, set to close on October 7, 2022. Randolph shareholders will receive $27.00 in cash per share. The merger aims to enhance market presence and strengthen banking operations. Both companies emphasize that the merger is contingent on customary closing conditions being satisfied. This merger is significant for Hometown, a $3.7 billion multi-bank holding company, and may provide expansion opportunities for Randolph, which has $775 million in total assets.
- Merger approval enhances Hometown's market presence.
- Randolph shareholders receive $27.00 per share, providing immediate liquidity.
- Strategic merger potentially increases operational efficiency and customer base.
- Integration challenges may arise post-merger.
- Reputational risks and customer reactions to the merger could impact business.
- Ongoing economic uncertainties pose risks to successful merger execution.
EASTHAMPTON and QUINCY, Mass., Sept. 27, 2022 (GLOBE NEWSWIRE) -- Hometown Financial Group, Inc. (“Hometown”), the multi-bank holding company for bankESB, bankHometown and Abington Bank, and Randolph Bancorp, Inc. (NASDAQ: RNDB) (“Randolph”), the bank holding company for Envision Bank, jointly announced today that all regulatory approvals relating to the acquisition by Hometown of Randolph and Envision Bank have been received. Randolph shareholders previously approved the merger at a special meeting of shareholders held on June 29, 2022. The merger is targeted to close on October 7, 2022, subject to the satisfaction of other customary closing conditions.
Under the terms of the merger agreement, Randolph shareholders will receive cash of
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include statements regarding the proposed merger and its timing. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe”, “expect”, “anticipate”, “estimate”, and “intend” or future or conditional verbs such as “will”, “would”, “should”, “could” or “may”. These forward-looking statements are necessarily speculative and speak only as of the date made, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from such forward-looking statements. Certain factors that could cause actual results to differ materially from expected results include: failure to satisfy any of the conditions to the transaction on a timely basis or at all or other delays in completing the merger; the reputational risks and the reaction of Hometown’s and Randolph’s customers to the transaction; ongoing disruptions due to the COVID-19 pandemic on the global economy and financial market conditions and the business, results of operations, and financial condition of Hometown or Randolph; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; difficulties in achieving cost savings from the merger or in achieving such cost savings within the expected time frame; difficulties in integrating Randolph; increased competitive pressures; changes in the interest rate environment; changes in general economic conditions; legislative and regulatory changes that adversely affect the business in which Randolph is engaged; changes in the securities markets and other risks and uncertainties. Additional factors that could cause results to differ materially from those described above can be found in Randolph’s Annual Report on Form 10-K for the year ended December 31, 2021 and in its subsequent Quarterly Reports on Form 10-Q, including in the respective Risk Factors sections of such reports, as well as in subsequent filings with the Securities and Exchange Commission, each of which is on file with the Commission and available in the “Investors Relations” section of Randolph’s website, www.randolphbancorp.com, under the heading “SEC Filings.”
About Hometown Financial Group.
Hometown Financial Group, Inc. is a
About Randolph Bancorp, Inc.
Randolph Bancorp, Inc. is the holding company for Envision Bank and its Envision Mortgage Division. Envision Bank is a full-service community bank with five retail branch locations, loan operations centers in North Attleborough and Quincy, Massachusetts, three loan production offices located in Massachusetts and one loan production office in southern New Hampshire. Envision Bank was founded in 1851 as Randolph Savings Bank. As of June 30, 2022, Randolph Bancorp, Inc. had
Envision Bank also previously established the Envision Bank Foundation, Inc., a nonprofit 501(c)3 corporation organized in 2016 to financially support community projects that improve the quality of life in the markets served by Envision Bank.
CONTACTS:
Hometown Financial Group, Inc.
Gil Ehmke – Senior Executive Vice President, CFO and Treasurer
413.779.2296 | gehmke@bankesb.com
Randolph Bancorp, Inc.
William M. Parent – President and Chief Executive Officer
617.925.1955 | wparent@envisionbank.com
FAQ
What is the closing date for the RNDB and Hometown Financial merger?
How much will Randolph shareholders receive from the merger?
What conditions must be met before the RNDB merger closes?
What is the significance of the merger for Hometown Financial Group?
What potential risks are associated with the RNDB merger?
