Community Banking: Cambridge Financial Group Will Buy Melrose Bancorp

https://dailyalts.com/wp-content/uploads/2019/12/57e0d3404e56ae14ea898579ce203e7c1d22dfe05457794f732e72d4_640.jpg

This is the 10th takeover for the Banking on Profit portfolio.

Cambridge Financial Group is acquiring Melrose Bancorp (MELR) for $25 a share in cash.

The mutual holding company for Cambridge Savings Bank will receive quite a boost after this deal. Cambridge would have assets of approximately $4.7 billion and a branch network of 17 full-service offices. The transaction is subject to regulatory and shareholder approval and should close in the second quarter of 2020.

“We are pleased to announce that we are partnering with Melrose to expand our presence in Middlesex County,” said Wayne Patenaude, President and CEO of Cambridge Financial Group. “As local banks, we share similar core values and a relationship-centric approach to serving the communities that we are fortunate to be a part of. This transaction is a very natural and contiguous expansion of our current footprint.”

Jeffrey D. Jones, President and CEO of Melrose Bancorp, also praised the deal.

But the people who got the most benefit out of the merger: Investors who bought Melrose Bancorp off the recommendation of Tim Melvin.

Cambridge Financial Merger: Community Banking Win No. 10

Meanwhile, the Melrose takeover was the 10th of the year for Tim Melvin’s Banking on Profit portfolio.

The stake also closed out with readers generating 37% on their position.

Further, this has become a regular occurrence. Since the inception of the Banking on Profit newsletter, Melvin has achieved annual returns in the double-digits each year. In the last three years, Melvin’s portfolio has seen 33 takeovers, with 26 of them in the last 24 months. More important, his community banking letter has never experienced a losing position.

We are giving away access to the Daily Alts Community Banking Letter for a limited time.

Authored by Tim Melvin, one of the world’s top community banking analysts, this newsletter contains monthly insight into the community banking space and a portfolio of stocks that are ripe for acquisition in 2020.

Sign up, right here. You’ll start receiving your two free months in January.

Related: Community Banking Merger: Kearny Financial Buys MSB Financial

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/04/bitcoin-4317828_640.jpg
Digital Assets: MicroStrategy To Pay Directors In Bitcoin
April 12, 2021     Digital Assets, News

In a unique plug for bitcoin’s adoption, MicroStrategy (NASDAQ: MSTR), the business information firm, has decided to pay its non-employee directors in bitcoin. The company has been a trendsetter, setting…

https://dailyalts.com/wp-content/uploads/2021/04/frog-1339894_640.jpg
Alternative Investments/Digital: Yet Another Bitcoin ETF Application; Galaxy Digital Is The Latest Hopeful

Galaxy Digital, the cryptocurrency investment firm led by Mike Novogratz, has filed an application with the SEC to launch a bitcoin ETF that will trade on the NYSE Arca. The…

https://dailyalts.com/wp-content/uploads/2021/04/DjDeFVDU4AAjJ26-scaled.jpg
Artificial Intelligence: Microsoft Eyeing Acquisition of Nuance Communications (Bloomberg)

Microsoft (NASDAQ: MSFT) may buy Nuance Communication (NASDAQ: NUAN) at a valuation of $56 per share, according to Bloomberg, which cited unnamed people who were familiar with the matter. The…

https://dailyalts.com/wp-content/uploads/2021/04/dollar-2891849_640.jpg
Venture Capital: Supervest, A Platform That Matches Loan-Seeking Merchants With Investors, Is Seeking Funds
April 12, 2021     FinTech, News, Venture Capital

Supervest calls it a new asset class. Merchant cash advances (MCA) are a form of short-term financing for merchants in the form of a sales agreement in which capital is…