BEDFORD, N.H., May 22, 2014 /PRNewswire/ -- Centrix Bank & Trust shareholders yesterday approved the previously announced merger agreement with Eastern Bank Corporation. Centrix shareholders overwhelmingly approved the deal, with 88% of the shares of Centrix common stock entitled to vote at the meeting voting in favor of the merger agreement.

"Today is a historic day for our company, and I want to thank our shareholders for approving this merger agreement," said Centrix Bank's President/CEO Joseph B. Reilly. "The transaction with Eastern will bring many new products and services to Centrix customers, while maintaining our unwavering commitment to customer service and to the communities in which we operate."

As previously announced on March 4, 2014, Eastern Bank will be acquiring Centrix Bank in an all-cash transaction valued at approximately $134 million, subject to customary regulatory approvals and closing conditions. Shareholders of Centrix will be entitled to receive $41 in cash in exchange for each share of Centrix common stock.

"We remain confident that closing will occur by the end of October 2014," added Reilly.

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 seven full service offices located in Bedford, Concord, Dover, Manchester, Milford, 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 acquisition of Centrix Bank by Eastern Bank Corporation (the "Acquisition"). 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 Acquisition will in fact occur in a timely manner. These statements reflect Centrix's current views. They are based on numerous assumptions and are subject to numerous risks and uncertainties relating to the Acquisition, including obtaining all requisite regulatory approvals in a timely fashion, satisfaction of all other conditions to the Acquisition and timely closing of the Acquisition 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