Cambridge Savings Bank completed the acquisition of Melrose Bancorp, Inc..

Cambridge Savings Bank entered into an agreement to acquire Melrose Bancorp, Inc. (OTCPK:MELR) for $53.2 million on December 18, 2019. Under the agreement, Cambridge Savings Bank will acquire shares at $25 per share. Post completion, Melrose Bancorp, Inc. will merge into Cambridge Savings Bank and Cambridge Savings Bank will be surviving entity. Following the effective time of the merger, Cambridge will continue to operate Melrose Bank's office, located in Melrose, Massachusetts, as a branch of Cambridge Savings Bank. Transaction is subject to certain conditions including regulatory approval and approval from the shareholders of Melrose Bancorp, Inc. At a special meeting of stockholders of Melrose Bancorp held on April 28, 2020, the stockholders approved the agreement. As on May 26, 2020, the transaction has received all regulatory approvals relating to the acquisition. The transaction is expected to close during second quarter of 2020. As of May 26, 2020, the transaction is expected to close before the opening of business on June 1, 2020. Keefe, Bruyette, & Woods, Inc. acted as financial advisor and fairness opinion provider to Board of Directors of Melrose Bancorp, Inc. while Lawrence M.F. Spaccasi, Kent Krudys, Steven Lanter and Jeffrey Cardone of Luse Gorman, P.C acted as the legal advisor to Melrose Bancorp, Inc. Cambridge Savings Bank completed the acquisition of Melrose Bancorp, Inc. (OTCPK:MELR) on June 1, 2020.