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Costs to start up an ESOP are substantial, ranging from $15,000 to $100,000 and more. These costs include setting up a trust, which buys and holds ESOP stock. Valuations must remain current. An ESOP can buy only fairly valued stock, best appraised by a qualified appraiser.
What Is an Example of an ESOP? Consider an employee who has worked at a large tech firm for five years. Under the company's ESOP, they have the right to receive 20 shares after the first year, and 100 shares total after five years. When the employee retires, they will receive the share value in cash.
There'll be a new name atop Bank of New Hampshire's branches now that the 51 percent acquisition of Banknorth by Toronto-Dominion Financial Group of Canada has been completed. The sale of Bank of New Hampshire's parent company was completed March 1. Total cost of the deal was about $3.9 billion.
Overview. Established in 1831, Bank of New Hampshire has assets totaling $2.46 billion and deposits totaling $2.06 billion, ranking the institution as a large bank.
On January 28, 2013, the Federal Reserve Bank of Boston approved the holding company application to establish Franklin Bancorp, MHC (MHC), and for MHC to acquire 100 percent of the shares of the Franklin Savings Bank.
The proposed acquisition by Washington Mutual, in a stock deal worth $1.4 billion, heralds what some experts see as a surge of purchases or mergers of California-based thrifts. The state's strong economic recovery and other factors are helping to make these S&Ls; highly attractive.