ROCKPORT, Mass., July 22, 2014 /PRNewswire/ — The shareholders of Rockport National Bancorp, Inc. (OTC Bulletin Board: RPOR) (“Rockport“) overwhelmingly voted to approve the Merger Agreement by and among Rockport, its subsidiary Rockport National Bank and Institution for Savings in Newburyport and Its Vicinity pursuant to which Institution for Savings will acquire Rockport and Rockport National Bank.

The shareholders of Rockport approved the Merger Agreement by a vote of 76.6% of the outstanding shares of Rockport. Of the shares voted, approximately 85% voted in favor of approval.

Upon consummation of the merger following regulatory approval and the satisfaction of the other conditions of the Merger Agreement, shareholders of Rockport will receive $138.58 in cash in exchange for each share of Rockport common stock, giving the transaction a value of approximately $28.3 million. Additionally, the Institution for Savings will fund a Charitable Foundation in the amount of $2 million for the benefit of not-for-profit organizations in the Cape Ann community.

The combined bank will have eleven full service offices in Salisbury, Newburyport, Rowley, Topsfield, Ipswich, Beverly, Rockport and Gloucester and $1.6 billion in deposits. Additionally, the Bank will have retail offices in five high schools: Newburyport, Triton Regional, Ipswich, Masconomet Regional and Beverly.

Institution for Savings has 130 full-time employees and seven offices. Rockport has 46 full-time employees and four offices. As of March 31, 2014, Institution for Savings had $1.1 billion in loans and Rockport had $147 million in loans. The combined bank will be well-capitalized under applicable regulatory guidelines upon completion of this transaction.

Institution for Savings and Rockport expect that the transaction will be completed in the third quarter of 2014.

Also today, the Rockport Board of Directors declared a dividend of $0.30 per share payable on August 29, 2014 to shareholders of record on August 15, 2014.

About Institution for Savings

Founded in 1820 and based in Newburyport, Institution for Savings is one of the oldest mutual banks in the country, with $1.7 billion in assets as of March 31, 2014 and seven branches serving communities on the North Shore. Institution for Savings prides itself on high level of customer services, employee retention and charitable giving. The Bank has been named by The Boston Globe as one of the Top Places to Work for the past six years being recognized as the Top Medium Employer in 2013 and Top Small Employer in 2011. The Institution for Savings is known for its strength and stability due to its prudent investing and conservative lending practices. For more information, visit www.institutionforsavings.com.

About Rockport National Bank

Founded in 1851 and based in Rockport, Rockport National Bank has $195 million in assets as of March 31, 2014 and three branches in Cape Ann and one in Beverly. Rockport National prides itself in building customer relationships primarily through its commitment to small business lending on Cape Ann and the surrounding communities. For more information, visit www.rockportnational.com.

Forward-looking Information:

Any forward-looking statements regarding the Institution for Savings’ proposed acquisition of Rockport National Bancorp, Inc. involve uncertainties. Those uncertainties include, but are not limited to: legislation or changes in regulatory requirements, shareholder actions, technical or systems issues affecting dates of consummation or conversion, costs or economic conditions that are less favorable than expected. Neither Institution for Savings nor Rockport undertakes any obligation to update forward-looking statements to reflect events or circumstances that occur after the date on which such statements are made.

CONTACT: Michael C. Shea
Vice Chairman
978-546-3411

SOURCE Rockport National Bancorp, Inc.