PUTNAM — Citizens National Bancorp, Inc. announced last week it signed signed a merger agreement with ESB Bancorp, Inc., the parent of Easthampton Savings Bank, under which ESB Bancorp will acquire Citizens National Bancorp, Inc. in an all cash transaction valued at approximately $51.3 million.  

The Citizens National Bank is a $333 million bank located in Putnam, Connecticut.  Following completion of the merger of ESB Bancorp and Citizens National Bancorp, The Citizens National Bank will merge with and into Easthampton Savings Bank.

Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, shareholders of Citizens National Bancorp will receive $67.50 in cash for each share they hold.  Based upon Sept. 30, 2014, financial information, the purchase price represents approximately 126 percent of the tangible book value of Citizens National Bancorp and a premium of approximately 78 percent over the recent closing price of $38 per share of Citizens National Bancorp.  The transaction is expected to be accretive to ESB Bancorp’s earnings in the first year of combined operations.

The transaction will expand Easthampton Savings Bank’s market presence into the northeast Connecticut and central Massachusetts markets.  Following completion of the transaction, ESB Bancorp will have consolidated assets of more than $1.3 billion and a branch network of 15 full-service offices.  

Matthew S. Sosik, president and  CEO of Easthampton Savings Bank, said, “We are very pleased to announce our partnership with The Citizens National Bank and to welcome the Citizens employees and customers into the ESB family.  We are very familiar with Citizens’ market area and we are excited to grow through an expansion into the northeast Connecticut and central Massachusetts markets.  Citizens is a well-run and high-performing bank and we are looking forward to continuing to build upon its market share with our unique style of banking.  As a mutual bank, we place our customers and employees first and we will continue to emphasize the personal service and community banking focus that Citizens’ customers have come to expect and appreciate.”

“We believe this transaction is an excellent opportunity for us to partner with a top-performing mutual bank.  We are extremely confident that this combination will serve our customers very well by continuing the high quality of service provided by our dedicated employees and expanding the products and services available to our customers,” said David L. Conrad, president and CEO of The Citizens National Bank.  Peter Deary, chairman of the Board of Directors of The Citizens National Bank, said, “This merger provides an attractive premium for our shareholders while preserving our community bank culture and our commitment to the communities we serve.”

“Given Citizens’ excellent reputation and franchise value in their market area, we expect to operate their five branches under the Citizens trade name after the transaction is completed,” added Sosik. 

The merger is subject to certain conditions, including the approval of the holders of at least a majority of the shares of Citizens National Bancorp and receipt of customary regulatory approvals.  The merger is expected to be completed early in the third quarter of 2015.

Also on Dec. 11, the board of directors of Citizens National Bancorp declared a dividend of $0.50 per share payable on Jan. 9 to shareholders of record as of Dec. 23.

ESB Bancorp, Inc. is the holding company for Easthampton Savings Bank, a Massachusetts savings bank headquartered in Easthampton, Massachusetts since 1869.  Easthampton Savings Bank operates 10 full-service banking offices in the Massachusetts communities of Easthampton, Southampton, Northampton, Hadley, South Hadley, Belchertown, Westfield and Agawam. 

Citizens National Bancorp, Inc. is the holding company for The Citizens National Bank, a national banking association headquartered in Putnam, Connecticut since 1924.  The Citizens National Bank operates five full-service banking offices throughout Windham County in northeastern Connecticut. 

 

 

Boys’ Wrapup

Mustangs keep

torrid pace with

big offensive 

showing

By Ron P. Coderre

While boys’ high school basketball teams anxiously await the start of the regular season, local preps hit the hardwood in full swing this week.

Putnam Science Academy continued its torrid play with a big offensive showing in a home game victory against Coastal Academy Blue and a victory on the road.  The Marianapolis V1 and V2 programs each picked up victories this week, while Hyde-Woodstock dropped a pair and Pomfret School was also a loser.

Wallace Leads Offensive Explosion

Josh Wallace waited patiently for the call from coach Tom Espinosa to enter the game in the Mustangs contest against visiting Coastal Academy Blue from Belmar, N.J. As soon as Espinosa signaled the rugged combo player on to the floor, Wallace exploded in leading PSA to a hard fought 103-91 victory.

Wallace, who came in averaging 15.9 points and 4.3 assists as a catalyst off the bench, proved that he doesn’t need very long to warm up.  He poured in 28 points, including four from beyond the three-point arc while also grabbing seven rebounds, in leading all scorers.

The Mustangs didn’t only rely on Wallace for the win as he received strong support from Andrew Robinson, who had 23 markers as he drained seven three pointers.  Point guard Kealen Ives had an impressive floor game with 20 points, many at timely moments early in the game, also dishing out 10 assists and corralling five boards.  High-flying Hamidou Diallo, who’s averaging 21.4 points per contest, was also in double figures with 16 points, many of the spectacular variety.

The Scientists traveled to Babson College for the Scholar Roundball Classic and beat Brimmer & May 59-45 behind a quartet of double figure scorers.  Leading the way was Aaron Robinson with 14 points including four three-pointers.  Andrew Robinson, the other half of the twin brother act, had 11 points, Vincent “The Big Easy” Eze posted a double-double 12 points and 10 rebounds and Hamidou Diallo had 13 markers.

The wins raised the Mustangs record to 9-1 as they close out the pre-holiday portion of the schedule.  Up next is Basketball Hoopfest at Western New England College against Thetford Academy of Canada on Thursday and the St. Andrew’s Classic versus Wilbraham & Monson Academy on Saturday, Dec. 20.

The Marianapolis V1 program with a 1-3 record, posted a 54-34 victory over Thayer Academy, before falling in double overtime to Proctor Academy 85-84 in the Blackburn Invitational Tournament at Worcester Academy despite a Herculean effort by Adrian LaFleur.  He had 24 points including a three-pointer at the end of regulation, signaling the first overtime.  Ryan Bernstein also had 24 points for the Golden Knights who lost on a buzzer-beater by Proctor.  Tom Horvat added 22 points in the loss.   

The Marianapolis V2 squad also fell to 1-3 while splitting a pair of games.  The Little Golden Knights lost to Thayer Academy 35-27 but picked up a 52-36 victory over Master’s.  In the win Marianapolis was paced by Andrew Ford and Ryan Hourihan who tallied 13 apiece, while Colin Hourihan added 10 points.  The highlight of the contest was the strong defensive effort by the Knights in holding Master’s to a mere nine points following intermission.

Hyde-Woodstock fell to 1-2 on the year after dropping two games last week.  The Wolfpack was beaten by Redemption Christian of Massachusetts 78-55 in a game played at home.  The Wolfpack had three players in double figures with Dexter Thompson leading the scoring parade with 23 points.  Other double digit scorers were Damon Gomes with 15 points and Khalil Johnson who had 11.

In a loss to National power St. Thomas More in Montville, Hyde once again had three players in double figure but fell 65-51.  Thompson and Damon Joyce Jr. had 15 points apiece while Gomes was high scorer with 17 points.

Pomfret School dropped to 0-2 when it lost to Taft School 62-47.

 

..

 

 

 

 

PRIDE Coasters

Putnam PRIDE distributed 5,000 coasters with alcohol abuse prevention coasters to local restaurants and bars. Left to right: Putnam Deputy Police Chief Lee Konicki; James and Sheila Frost from the Courthouse and Putnam Mayor Tony Falzarano. Linda Lemmon photo.

 

 

Nope, no

ordinary

coasters

By Linda Lemmon

Town Crier Editor

PUTNAM --- These will be no ordinary coasters under your glass at local restaurants and bars. Putnam PRIDE and the Putnam Police Department's unveiled a new alcohol abuse prevention initiative. Some 5,000 coasters with tips on preventing overconsumption of alcohol are being distributed to local restaurants and bars.

The coasters will have tips for preventing overconsumption of alcohol and will also have blood alcohol content charts to help patrons assess whether it is safe for them to drive.

During the kickoff Dec. 15, Putnam Mayor Tony Falzarano said the cards have five good tips on them. He also recommended being cautious and having a designated driver.

The five tips are: "Alternate alcoholic drinks with water or non alcoholic beverages;" "Eat before you drink;" "Pace yourself. Keep track of how many drinks you've had;" "No more than 1 drink per hour;" "Choose a drink containing lower alcohol concentration." The opposite side of the coaster has a chart to calculate blood alcohol content.

Breaking from the usual statistical rundown, PRIDE program coordinator Romeo Blackmar described his own drunk driving accident in 1981 when he attempted to drive a company car on the railroad tracks. It took him two years to stop drinking. "It's "one of the reasons I took this job," he said. "Had I killed myself, I would not have had my beautiful daughter and my two grandchildren," he said. "Drinking and driving are not acceptable."

Town Administrator and program director for the coalition, Douglas M. Cutler, praised the partnerships that are making an impact in the community. Deputy Police Chief Lee Konicki said the police are not moving away from enforcement, but are also stressing prevention. "We are committed to strict enforcement of OUI laws and will have extra patrols." he added.

Konicki said he saw the coasters at a conference in Washington, D.C. and Miranda Nagle of PRIDE partner CHR Health said she also saw them in Portsmouth, N.H.

Coalition members aid the 5,000 coasters will stay out in the restaurants and bars until they are gone, beyond the holiday season.  Cutler said the program is funded with a Drug Free Program grant.