BEDFORD, N.H., Oct. 10, 2014 /PRNewswire/ -- Centrix Bank's President/CEO Joseph B. Reilly today announced that Eastern Bank Corporation has received the regulatory approvals to complete its merger with Centrix Bank (the "Merger"), subject to complying with customary conditions in those approvals. Centrix and Eastern expect the Merger to be effective at the close of business on Friday, October 24, 2014 (the "Effective Time"). As a result of the Merger, each share of Centrix common stock outstanding at the Effective Time will automatically be converted into the right to receive a cash payment of $41.00 per share.

"If you are a registered shareholder, the exchange agent, Boston Financial Data Services, Inc., will send a Letter of Transmittal to you during the week of October 27, 2014, detailing the exchange process," stated Joseph B. Reilly, President/CEO of Centrix Bank. "Once the exchange agent receives your completed Letter of Transmittal and all other necessary documents, it will take approximately one week to complete the transaction. If a broker holds your shares, you do not have to take any action, as your broker will handle receipt and crediting of the payment to your account for you."

About Centrix Bank

Centrix Bank is a full service commercial bank offering highly personalized and responsive service to small and medium-sized businesses, professionals, municipalities, and not-for-profit organizations. By employing a visionary and in-depth consultative approach called C-Beyond, Centrix Bank's talented and experienced professionals deliver the best in customized business banking solutions. The Bank services customers throughout southern New Hampshire and beyond from six full service offices located in Bedford, Concord, Dover, Manchester, Nashua, and Portsmouth. The Bank's common shares are quoted on the OTC Bulletin Board (OTCBB) under the symbol "CXBT." For more about Centrix Bank, please visit centrixbank.com or call (603) 647-4446. Centrix Bank can also be followed on Facebook, LinkedIn and YouTube.

About Eastern Bank Corporation

Founded in 1818 and based in Boston, Eastern Bank is the largest and oldest mutual bank in the country, with $8.7 billion in assets and more than 90 branches serving communities from the Merrimack Valley to Cape Cod. Eastern Bank offers banking, investments and insurance all under one roof, and prides itself on working harder to understand its customers' needs so it can deliver these services in a committed and personal way. Eastern Bank, which includes Eastern Bank Wealth Management and Eastern Insurance, is a recognized leader in corporate social responsibility and for its advocacy on behalf of a number of social justice causes. For more information, visit www.easternbank.com, www.facebook.com/easternbank and www.twitter.com/easternbank.

Cautionary Statement

This press release contains forward-looking information concerning expectations regarding the merger of Centrix Bank with Eastern Bank Corporation (the "Merger"). These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning Centrix's belief or expectations regarding the likelihood that the Merger will in fact occur on October 24, 2014. These statements reflect Centrix's current views. They are based on numerous assumptions and are subject to numerous risks and uncertainties relating to the Merger, including satisfaction of all conditions to the Merger and timely closing of the Merger by both parties. Actual results or performance may be materially different from the belief or expectation expressed or implied by any forward-looking statement made in this press release.

SOURCE Centrix Bank