Shareholders of Westborough Bank approved its merger with the Assabet Valley Bancorp today.
Under the deal, Westboroughâs stockholders will get $35 per share. There are currently 1.6 million Westborough Bank shares outstanding. The total value of the deal is $20.6 million.
The state commissioner of banks is expected to issue an opinion on the merger by August 9. Also August 9, a Worcester Superior Court judge is expected to rule on a class-action lawsuit that seeks to stop the merger.
The merger would result in Assabet becoming a holding company for a bank with a new name that has yet to be determined. The new bank would be a combination of Westborough Bank and Hudson Savings Bank, which is owned by Assabet.
The merger approval means the end of efforts by activist investors Bob Williamson and Marc Bistricer who sought to maximize the deal by offering as much as $41 per share.
