In Massachusetts, Salem-based ($3.95 billion),the parent company of Salem FiveCents Savings Bank, is set to acquire Georgetown-based ($299.9million) and unit GeorgetownBank for approximately $49.2 million.

Under the deal terms, shareholders of Georgetown Bancorp willreceive $26.00 in cash in exchange for each share of its common stock. Theconsideration represents approximately 148% of Georgetown Bancorp tangible bookvalue at June 30.

SNL calculates that, on a per-share basis, the deal value is147.8% of book and tangible book, 40.0x earnings, and 41.3x last-12-month coreearnings. The price is 21.11% of deposits and 16.39% of assets, while thetangible book premium-to-core deposits ratio is 10.24%. The deal carries aone-day premium of 24.52%, based on Georgetown Bancorp's closing price of$20.8800 on Oct. 5; the one-month premium is 23.87%, based on the closing priceof $20.9899 on Sept. 6.

According to SNL data, offers for bank and thrift targets inthe Northeast between Oct. 6, 2015, and Oct. 6, 2016, averaged 111.39% of book,141.99% of tangible book and had a median of 24.97x last-12-month earnings, ona per-share basis.

The all-cash transaction, which is still subject to shareholder andregulatory approvals, is expected to close in the first quarter of 2017. SalemFive Bancorp will enter Rockingham County, N.H., with one branch, to be rankedNo. 23 with a 0.11% share of about $6.86 billion in total market deposits. Itwill expand in Essex County, Mass., by three branches, to be ranked second withan 11.30% share of roughly $21.51 billion in total market deposits. Theresulting entity is expected to have approximately $4.3 billion in assets.

Sandler O'Neill & Partners LP acted as financial adviserto Salem Five Bancorp, and K&L Gates LLP served as legal counsel. KeefeBruyette & Woods Inc. acted as financial adviser to Georgetown Bancorp, andLuse Gorman PC served as its legal counsel.

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