July 7, 2010 (FinancialWire) — Eastern Bank Corp. has signed a definitive agreement to acquire Wainwright Bank & Trust Co. (NASDAQ: WAIN) in an all-cash transaction valued at around $163 million, according to both banks.

Under the terms of the transaction, shareholders of Wainwright Bank & Trust will be entitled to receive $19 in cash in exchange for each share of Wainwright Bank & Trust common stock and common stock equivalents outstanding.

The combined organization will have more than 90 retail banking offices serving people and businesses across eastern Massachusetts, including 22 offices in the Boston metro area.

Massachusetts-based Eastern Bank is an independent and mutually owned bank in New England with almost $7 billion of posted assets and more than 80 branches.

Massachusetts-based Wainwright Bank & Trust has 12 branches serving Greater Boston.

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