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Update; Shareholders OK Rockport National deal; FDIC approval in place

July 22, 2014

Gloucester Daily Times, Mass.

July 22--ROCKPORT -- Rockport National Bank shareholders have given their emphatic approval this morning to the planned acquisition of the local bank by Newburyport-based Institution for Savings, clearing the way for the merger of the two under the Institution for Savings banner as early as next month.

Needing approval from two-thirds of the representation of some 204,000 shares, shareholders, both by proxy and in person this morning at the Shalin Liu Performance Center, backed the acquisition agreement announced in April with an approval mark of 84 percent.

The agreement means that Rockport National Bank and its branches in Rockport, Gloucester and Beverly will now become part of the regional Institution for Savings, creating a single institution with 11 branches stretching from Salisbury to Gloucester and Rockport and with assets totaling $1.6 billion.

The deal also requires state and federal regulatory approvals, but the approval from the Federal Deposit Insurance Coporation is already in place, Institution for Savings officials said, and they are hoping to close on the deal buy Aug. 29.

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Source: Gloucester Daily Times (MA)

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