Court Rejects Attempt To Block Bank Merger

Law360, New York (August 20, 2007, 12:00 AM EDT) -- A judge has denied a bid by minority shareholders of a Massachusetts bank to block a merger with a mutual holding company, ruling their rights had to be weighed against those of the community at large.

Describing the pending merger with Assabet Valley Bancorp as a valuable opportunity to join with a “strong strategic partner,” Massachusetts judge Peter Agnes said a permanent injunction would jeopardize the future of Westborough Bank and potentially harm the local economy.

Lawyer for Westborough Richard Schaberg, of Thacher Proffitt, said the...
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