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Article: North Fork Bancorp to Acquire Branford Savings Bank.
- Article from:
- Business Wire
- Article date:
- July 25, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MELVILLE, NY--(BUSINESS WIRE)--July 25, 1997--North Fork Bancorporation Inc. (NYSE: NFB) and Branford Savings Bank (NASDAQ: BSBC), jointly announced today that they have signed a definitive agreement whereby North Fork would acquire the Connecticut based Branford in a stock for stock exchange valued at approximately $38 million.
Under the terms of the agreement, each share of Branford common stock will be exchanged for $5.25 of North Fork common stock, with a minimum of .1957 shares and a maximum of .2648 shares. The actual exchange ratio will depend upon the average closing price per share of North Fork in the 20 trading days prior to the date preceding the ...