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First Ipswich Bancorp Shareholders Vote to Approve Merger

^{Published on 2010-12-23 12:56:19 - Market Wire}
 

IPSWICH, Mass.--([ BUSINESS WIRE ])--First Ipswich Bancorp (OTCBB: FIWC), the bank holding company for The First National Bank of Ipswich (FNBI), announced that shareholders overwhelming approved a previously announced plan of merger. At the Special Meeting of Shareholders held on Thursday, December 23, 2010, shareholders approved the agreement and plan of merger, dated as of October 27, 2010, by and among First Ipswich Bancorp (the aCompanya), Brookline Bancorp, Inc. and Clam Acquisition, Inc. A total of 2,066,630 shares (88% of the outstanding shares) voted in favor of the merger transaction and 1,200 voted against the merger transaction. The transaction is expected tobe completedin the first quarter of 2011, but remains subject to receipt of approvals from regulatory authorities.

"We are very pleased that shareholders confirmed that the sale of the Company at this time was in the best interest of shareholders"

aWe are very pleased that shareholders confirmed that the sale of the Company at this time was in the best interest of shareholders,a said President and CEO Russell G. Cole. aThis merger will allow the First National Bank of Ipswich to grow and provide additional banking services to our customers.a

The First National Bank of Ipswich is headquartered in Ipswich with a Boston branch located at the corner of Congress and State Streets and six locations North of Boston in Essex, Gloucester, Ipswich, Newburyport, and Rowley, MA.

Forward-Looking Statements

This press release contains statements that may be considered forward-looking statements within the meaning of Section27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934. These forward-looking statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and this statement is included for purposes of complying with these safe harbor provisions. These forward-looking statements are based on current plans and expectations, which are subject to a number of risk factors and uncertainties that could cause future results to differ materially from historical performance or future expectations. These differences may be the result of various factors, including, among others: (1)costs or difficulties related to the integration of the businesses following the merger; (2)changes in general, national or regional economic conditions; (3)changes in loan default and charge-off rates; (4)reductions in deposit levels necessitating increased borrowings to fund loans and investments; (5)changes in interest rates; (6)changes in levels of income and expense in noninterest income and expense related activities; (7)competition; (8)failure of the parties to satisfy the closing conditions for the merger in a timely manner or at all; and (9)disruptions to First Ipswich Bancorpa™s business as a result of the announcement and pendency of the merger.