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2 Brookline Bancorp subsidiaries to merge

Massachusetts-based Brookline Bank and First Ipswich Bank, both subsidiaries of Brookline Bancorp Inc., have agreed to merge.

The transaction is expected to close in the first quarter of 2020. Under the agreement, First Ipswich Bank will merge into Brookline Bank.

Brookline Bancorp noted in a news release that there are no branch closings as part of this charter consolidation.

Additionally, the Boston-based company announced that its board approved a dividend of 11.50 cents per share for the quarter ended Sept. 30, up from the previous quarterly dividend of 11 cents per share. The dividend will be paid Nov. 22 to stockholders of record Nov. 8.

Brookline Bancorp reported third-quarter net income of $22.6 million, or 28 cents per share, compared to $22.5 million, or 28 cents per share, in the year-ago period.