Byline: Associated Press
PROVIDENCE, R.I. Fleet Financial Group announced plans Monday to expand further with the acquisition of NBB Bancorp of New Bedford, Mass., the state's largest savings bank.
Fleet, the country's 15th largest bank, will pay $420 million, or $48.50 per share, in cash and stock for NBB, which is the parent company of New Bedford Institution for Savings. NBB stockholders will also receive warrants, allowing them to buy Fleet stock, spokesman Dennis Murphy said.
After the announcement NBB shares fell $2.12 to $46 in late afternoon trading on the New York Stock Exchange. The shares have risen in recent weeks from around $35, …
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