Shareholders Approve Strata Merger
Shareholders unanimously approved the merger of Service Bancorp Inc., the holding company for Strata Bank of Medway with Natick's Middlesex Savings Bank Thursday.
Strata President Edward A. Hjerpe III said that the vote was unanimous and projected that the merger could be approved by regulators anywhere from two weeks to two months from now. The proposed merger agreement was announced in December.
Strata, which lost about $8 million through investments in Fannie Mae, Freddie Mac, Lehman Brothers and AIG, agreed in December to be acquired by the Natick-based bank.
Middlesex Savings Bank has also requested that the state approve the creation of a new mutual holding company, Middlesex Bancorp MHC, which is necessary for it to acquire Strata Bank.
Under the merger agreement, public stockholders of Service Bancorp will get $28 cash for each share of common stock. The agreement has already received approval from the Middlesex Savings Bank Board of Trustees and the boards of directors of Service Bancorp Inc. and Strata Bank, as well as the Service Bancorp MHC Board of Trustees.
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