Merger of Western Mass. Banks Approved by Seller's Owners

Shareholders of Lenox National Bank have approved a deal to sell the institution to its western Massachusetts neighbor Adams Community Bank.

Adams Community, a $397 million-asset mutual thrift, agreed to pay $14.3 million in cash for Lenox National. The price values Lenox's stock at $1,388.35 a share.

The deal was announced in April and shareholders of the $65 million-asset Lenox National approved the acquisition on July 20. The transaction still requires regulatory approval and the banks expect it to close in the fourth quarter.

The combined bank would operate eight branches in Berkshire County, Mass., including offices in Lee, North Adams and Williamstown. Lenox National was established in 1889 and operates one branch in the town of Lenox.

Sandler O'Neill was the financial adviser to Adams Community and Nutter McClennen & Fish was its legal counsel. FIG Partners was an adviser to Lenox National and Cranmore, FitzGerald & Meaney was the legal counsel.