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Hometown Financial Group’s acquisition of Quincy-based Envision Bank moved a step forward last week after shareholders of Envision Bank’s parent company approved the deal.
In a special shareholder meeting to vote on the deal, more than 95 percent of the shares that participated in the vote approved the merger, according to an SEC 8-K report. About 74 percent of the shares were represented at the June 29 meeting.
The deal will see the parent company, Randolph Bancorp Inc., merge into Hometown Financial Group, a multi-bank mutual holding company. Envision Bank will then merge into Abington Bank, one of Hometown’s subsidiaries, creating a combined bank with about $1.4 billion in assets and giving Easthampton-based Hometown about $4.4 billion in assets.
The transaction, announced in late March, is valued at approximately $146.5 million. Randolph shareholders will receive $27 in cash for each share of Randolph common stock. The merger is expected to close in the fourth quarter of 2022 and is subject to regulatory approval.
