Danvers Bancorp, Inc., Danvers, Massachusetts - approval to acquire Beverly National Corporation, Beverly, Massachusetts
Overview of Danvers Bancorp, Inc., Danvers, Massachusetts - approval to acquire Beverly National Corporation, Beverly, Massachusetts
Danvers Bancorp, Inc. (Petitioner), Danvers, Massachusetts, has petitioned the Board of Bank Incorporation (Board) pursuant to Massachusetts General Laws, chapter 167A, sections 2 and 4 for approval to acquire Beverly National Corporation, (Beverly National), Beverly, Massachusetts. Beverly National is the holding company for Beverly National Bank (Beverly Bank), Beverly, Massachusetts. In the Commonwealth, the Petitioner is the holding company for Danversbank, Danvers, Massachusetts. A related application has been filed with the Division of Banks (Division) for approval of a subsequent merger of Beverly Bank with and into Danversbank. As a consequence of the merger, the banking offices of Beverly Bank will become branch offices of Danversbank.
In determining whether or not to approve the petition the Board must decide whether competition among banking institutions will be unreasonably affected and whether public convenience and advantage will be promoted by this proposal. A public hearing will be given to all interested parties on the petition before the Board on Thursday, September 24, 2009 at 11:30 a.m., in Hearing Room A, Fifth Floor, One South Station, Boston, Massachusetts. Any interested party other than the Petitioner should file communications, including briefs in favor of or protest, with the Board at One South Station, Boston, Massachusetts 02110.
All comments concerning this petition, however, must be filed with the Board or the Division by October 15, 2009. The applications and all communications relative to these matters are available for public inspection at One South Station, Third Floor, Boston, MA 02110.
Board of Bank
Steven L. Antonakes
Commissioner of Banks
Navjeet K. Bal
Commissioner of Revenue
Timothy P. Cahill
Treasurer and Receiver-General
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Written comments accepted until October 15, 2009.