April 3, 2009
Strata Stockholders To Consider Merger
Service Bancorp Inc., the holding company for Strata Bank of Medway, will hold a special meeting of stockholders on April 23 to consider the company's planned merger with Middlesex Savings Bank.
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.
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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