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Exhibit 99.1
Contact: James R. Rice
508.984.6102
SEACOAST FINANCIAL SERVICES CORPORATION COMPLETES
ACQUISITION OF HOME PORT BANCORP, INC.
New Bedford, MA - (BUSINESS WIRE) - January 2, 2001 - Seacoast Financial
Services Corporation (Nasdaq: SCFS) today announced that it completed its
acquisition of Home Port Bancorp, Inc. (Nasdaq: HPBC), Nantucket, MA, the
holding company for Nantucket Bank effective December 31, 2000.
The transaction was announced on July 21, 2000 and Home Port shareholders voted
to approve the agreement on October 20, 2000. Home Port shareholders will
receive $37 in cash for each share of HPBC common stock, for a total value of
approximately $68 million. Seacoast's Exchange Agent, Registrar & Transfer
Company, is expected to mail instructions regarding the exchange of stock
certificates today to Home Port registered shareholders.
"We are pleased to complete the acquisition of Home Port Bancorp on schedule,"
said Kevin G. Champagne, Seacoast's President and CEO. "We expect the
transaction to be immediately accretive to both GAAP and cash earnings per share
and we welcome Nantucket Bank as a new subsidiary of Seacoast Financial.
Nantucket Bank has been a well-managed and profitable company with a unique
market franchise and we look forward to the Bank's contributions to Seacoast's
growth prospects. The present Board of Directors and management of Nantucket
Bank will continue to oversee the operations of the Bank and the staff will
remain in their current positions. It is expected that a member of the Nantucket
Bank Board of Directors will join the Board of Directors of Seacoast Financial.
The acquisition will not impact Nantucket Bank customers and the Bank's products
and services will not change."
With the addition of Nantucket Bank, Seacoast Financial Services Corporation
becomes a financial services company with more than $2.7 billion in assets
operating two subsidiary banks. CompassBank is a Massachusetts chartered savings
bank and serves Southeastern Massachusetts through a network of 38 full-service
offices, 7 remote ATMs, a customer call center and on-line banking at
www.compassbank.com. The Bank ranks as the second largest Massachusetts-based
savings bank. Nantucket Bank is a Massachusetts chartered savings bank and
serves Nantucket Island through 3 full-service offices and on-line banking at
www.nantucketbank.com.
THE FOREGOING CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH STATEMENTS ARE NOT
HISTORICAL FACTS AND INCLUDE EXPRESSIONS ABOUT MANAGEMENT'S CONFIDENCE AND
STRATEGIES AND MANAGEMENT'S EXPECTATIONS ABOUT NEW AND EXISTING PROGRAMS AND
PRODUCTS, RELATIONSHIPS, OPPORTUNITIES, TECHNOLOGY AND MARKET CONDITIONS. SUCH
FORWARD-LOOKING STATEMENTS INVOLVE CERTAIN RISKS AND UNCERTAINTIES. THESE
INCLUDE, BUT ARE NOT LIMITED TO, THE DIRECTION OF MOVEMENTS IN INTEREST RATES,
THE POSSIBILITY OF DISRUPTION IN CREDIT MARKETS, THE EFFECTS OF ECONOMIC
CONDITIONS AND THE IMPACT OF LEGAL AND REGULATORY BARRIERS AND STRUCTURES.
ACTUAL RESULTS MAY DIFFER MATERIALLY FROM SUCH FORWARD-LOOKING STATEMENTS.
SEACOAST FINANCIAL ASSUMES NO OBLIGATION FOR UPDATING ANY SUCH FORWARD-LOOKING
STATEMENTS AT ANY TIME.
