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Title: |
Agreement and Plan of Merger |
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Entities: |
First Place Financial Corp.; MAF Bancorp, Inc.; OceanFirst Financial Corp.; State Bancorp, Inc.; United Community Financial Corp.; Waypoint Financial Corp.; Nasdaq Stock Market Inc.; Foley Hoag LLP; Bay State Bancorp, Inc.; Seacoast Financial Services Corp. |
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Date: |
2002 |
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Size: |
Preview shows 14KB of 230KB total |
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Price: |
$66 |
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ID: |
#125460 |
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================================================================================
AGREEMENT AND PLAN OF MERGER
DATED AS OF DECEMBER 19, 2002
BETWEEN
SEACOAST FINANCIAL SERVICES CORPORATION,
SEACOAST MERGER SUB, INC.
AND
BAY STATE BANCORP, INC.
================================================================================
{Page}
TABLE OF CONTENTS
RECITALS
{Table}
{S} {C}
ARTICLE I. DEFINITIONS; DISCLOSURE............................................1
1.01. CERTAIN DEFINITIONS..................................................1
1.02. OTHER DEFINITIONAL MATTERS...........................................8
1.03. DISCLOSURE SCHEDULES.................................................8
ARTICLE II. THE MERGER........................................................9
2.01. THE MERGER...........................................................9
2.02. EFFECTIVE DATE AND EFFECTIVE TIME; CLOSING..........................10
2.03. PARENT MERGER.......................................................10
ARTICLE III. CONSIDERATION; ELECTION AND EXCHANGE PROCEDURES.................11
3.01. CONVERSION OF SHARES................................................11
3.02. OPTIONAL TERMINATION................................................11
3.03. ELECTION PROCEDURES.................................................11
3.04. EXCHANGE PROCEDURES.................................................15
3.05. RIGHTS AS SHAREHOLDERS; STOCK TRANSFERS.............................16
3.06. NO FRACTIONAL SHARES................................................17
3.07. DISSENTING SHARES...................................................17
3.08. ANTI-DILUTION PROVISIONS............................................17
3.09. WITHHOLDING RIGHTS..................................................17
3.10. COMPANY OPTIONS.....................................................18
ARTICLE IV. ACTIONS PENDING ACQUISITION......................................18
4.01. AGREEMENTS OF THE COMPANY...........................................18
4.02. AGREEMENTS OF PARENT AND MERGER SUB.................................21
ARTICLE V. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.....................22
5.01. ORGANIZATION, STANDING AND AUTHORITY................................22
5.02. COMPANY CAPITAL STOCK...............................................22
5.03. SUBSIDIARIES........................................................22
5.04. CORPORATE POWER.....................................................23
5.05. CORPORATE AUTHORITY.................................................23
5.06. REGULATORY APPROVALS; NO DEFAULTS...................................23
5.07. SEC REPORTS.........................................................24
5.08. ABSENCE OF CERTAIN CHANGES OR EVENTS................................25
5.09. LITIGATION..........................................................25
5.10. REGULATORY MATTERS..................................................26
5.11. COMPLIANCE WITH LAWS................................................26
5.12. MATERIAL CONTRACTS; DEFAULTS........................................26
5.13. NO BROKERS..........................................................27
{/Table}
- i -
{Page}
{Table}
{S} {C}
5.14. EMPLOYEE BENEFIT PLANS..............................................27
5.15. LABOR MATTERS.......................................................29
5.16. ENVIRONMENTAL MATTERS...............................................29
5.17. TAX MATTERS.........................................................30
5.18. RISK MANAGEMENT INSTRUMENTS.........................................32
5.19. LOANS; NONPERFORMING AND CLASSIFIED ASSETS..........................32
5.20. BANK OWNED LIFE INSURANCE...........................................33
5.21. PROPERTIES..........................................................33
5.22. INTELLECTUAL PROPERTY...............................................33
5.23. FIDUCIARY ACCOUNTS..................................................34
5.24. BOOKS AND RECORDS...................................................34
5.25. INSURANCE...........................................................34
5.26. ALLOWANCE FOR LOAN LOSSES...........................................34
5.27. TRANSACTIONS WITH AFFILIATES........................................34
5.28. REQUIRED VOTE; ANTITAKEOVER PROVISIONS..............................34
5.29. FAIRNESS OPINION....................................................35
5.30. TRANSACTIONS IN SECURITIES..........................................35
5.31. DISCLOSURE..........................................................35
ARTICLE VI. REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB..........35
6.01. ORGANIZATION, STANDING AND AUTHORITY................................35
6.02. PARENT STOCK........................................................35
6.03. SUBSIDIARIES........................................................36
6.04. CORPORATE POWER.....................................................36
6.05. CORPORATE AUTHORITY.................................................36
6.06. REGULATORY APPROVALS; NO DEFAULTS...................................37
6.07. FINANCIAL REPORTS AND SEC DOCUMENTS; MATERIAL ADVERSE EFFECT........37
6.08. LITIGATION..........................................................38
6.09. NO BROKERS..........................................................38
6.10. TAX MATTERS.........................................................38
6.11. REGULATORY MATTERS..................................................38
6.12. OWNERSHIP OF COMPANY COMMON STOCK...................................38
6.13. FINANCIAL ABILITY...................................................39
6.14. COMPLIANCE WITH LAWS................................................39
6.15. BOOKS AND RECORDS...................................................39
6.16. ALLOWANCE FOR LOAN LOSSES...........................................39
6.17. ENVIRONMENTAL MATTERS...............................................39
6.18. DISCLOSURE..........................................................40
ARTICLE VII. COVENANTS.......................................................40
7.01. REASONABLE BEST EFFORTS.............................................40
7.02. SHAREHOLDER APPROVAL................................................41
7.03. REGISTRATION STATEMENT..............................................41
{/Table}
- ii -
{Page}
{Table}
{S} {C}
7.04. REGULATORY FILINGS..................................................42
7.05. PRESS RELEASES......................................................43
7.06. ACCESS; INFORMATION.................................................43
7.07. AFFILIATES..........................................................44
7.08. ACQUISITION PROPOSALS...............................................44
7.09. CERTAIN POLICIES....................................................45
7.10. NASDAQ LISTING......................................................45
7.11. INDEMNIFICATION.....................................................45
7.12. BENEFIT PLANS.......................................................47
7.13. BANK MERGER.........................................................48
7.14. NOTIFICATION OF CERTAIN MATTERS.....................................48
7.15. PAYMENTS AND RELATED AGREEMENTS.....................................48
7.16. SECTION 16 MATTERS..................................................48
ARTICLE VIII. CONDITIONS TO CONSUMMATION OF THE MERGER.......................49
8.01. CONDITIONS TO EACH PARTY'S OBLIGATION TO EFFECT THE MERGER..........49
8.02. CONDITIONS TO OBLIGATION OF THE COMPANY.............................49
8.03. CONDITIONS TO OBLIGATIONS OF PARENT.................................50
ARTICLE IX. TERMINATION......................................................51
9.01. TERMINATION.........................................................51
9.02. EFFECT OF TERMINATION; EXPENSES.....................................53
9.03. COMPANY SPECIAL PAYMENT.............................................54
9.04. PARENT SPECIAL PAYMENT..............................................55
ARTICLE X. MISCELLANEOUS.....................................................56
10.01. SURVIVAL...........................................................56
10.02. WAIVER; AMENDMENT..................................................56
10.03. COUNTERPARTS.......................................................56
10.04. GOVERNING LAW......................................................56
10.05. EXPENSES...........................................................57
10.06. NOTICES............................................................57
10.07. ENTIRE UNDERSTANDING; NO THIRD PARTY BENEFICIARIES.................58
10.08. SEVERABILITY.......................................................58
10.09. ENFORCEMENT OF THE AGREEMENT.......................................58
10.10. INTERPRETATION.....................................................58
10.11. ASSIGNMENT.........................................................58
10.12. ALTERNATIVE STRUCTURE..............................................58
ANNEX A Form of Voting Agreement
ANNEX B Index Group
ANNEX C List of Shareholders
{/Table}
- iii -
{Page}
AGREEMENT AND PLAN OF MERGER, dated as of December 19, 2002 (this
"AGREEMENT"), between Seacoast Financial Services Corporation ("PARENT"),
Seacoast Merger Sub, Inc. ("MERGER SUB") and Bay State Bancorp, Inc. (the
"COMPANY").
RECITALS
WHEREAS, the Company is a Delaware corporation, having its principal place
of business in Brookline, Massachusetts.
WHEREAS, Parent is a Massachusetts corporation, having its principal place
of business in New Bedford, Massachusetts.
WHEREAS, Merger Sub, a wholly-owned subsidiary of Parent, is a Delaware
corporation, having its principal place of business in New Bedford,
Massachusetts.
WHEREAS, the Boards of Directors of Parent and the Company have each
determined that it is advisable and in the best interests of their respective
companies and their stockholders for the Company to merge with and into Parent
(the "MERGER"), subject to the terms and conditions set forth herein.
WHEREAS, as a condition and inducement to Parent to enter into this
Agreement, each Shareholder (as defined herein) is entering into an agreement,
simultaneously with the execution of this Agreement, in the form of ANNEX A
hereto (collectively, the "VOTING AGREEMENTS") pursuant to which each
Shareholder has agreed, among other things, to vote the Shareholder's shares of
Company Common Stock in favor of this Agreement.
WHEREAS, the parties desire to make certain representations, warranties and
agreements in connection with the Merger and to prescribe certain conditions to
the Merger;
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants,
representations, warranties and agreements contained herein, and intending to be
legally bound hereby, the parties agree as follows:
ARTICLE I.
DEFINITIONS; DISCLOSURE
1.01. CERTAIN DEFINITIONS. The following terms are used in this Agreement
with the meanings set forth below:
"ACQUISITION PROPOSAL" shall mean (x) a bona fide proposal by any person
(other than Parent or any subsidiary of Parent) to the Company or its
stockholders to engage in a Change in Control Transaction, (y) a public
statement by any person (other than Parent or any subsidiary of Parent) to the
Company or its stockholders of such person's intention to make a proposal to
engage in a Change in Control Transaction if this Agreement terminates or (z)
the filing by any person (other than Parent or any subsidiary of Parent) of an
application or notice with any Governmental Entity to engage in a Change in
Control Transaction.
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