Brookline Bancorp to Acquire Bancorp Rhode Island for $234M

Brookline Bancorp, Inc. (NASDAQ: BRKL) and Bancorp Rhode Island, Inc. (NASDAQ: BARI) announced today that they entered into a definitive merger agreement whereby Brookline Bancorp will acquire Bancorp Rhode Island and its subsidiary, BankRI, for approximately $234 million in cash and stock. The transaction was unanimously approved by both companies' boards of directors.

Under the terms of the merger agreement, shareholders of Bancorp Rhode Island will receive, for each Bancorp Rhode Island share and at the holder's election, either $48.25 in cash, or 4.686 shares of Brookline Bancorp common stock or a combination thereof, with total cash consideration of approximately $121 million and total stock consideration of approximately 11.0 million shares of Brookline Bancorp common stock.