Danvers Bancorp Completes Acquistion of Beverly National Corporation

DANVERS, Mass.----Danvers Bancorp, Inc. (NASDAQ: DNBK) ("Danvers"), parent of Danversbank, announced today that it has completed its acquisition of Beverly National Corporation (NYSE Amex: BNV) ("Beverly"), parent of Beverly National Bank.

Under the terms of the merger, Beverly stockholders will receive 1.66 shares of Danvers common stock in exchange for each common share of Beverly. Based on the closing price of Danvers common stock on October 29, 2009, the transaction is valued at approximately $23.06 per share of Beverly common stock or approximately $62.1 million in the aggregate.

Effective immediately following today's closing, Beverly President and CEO Don A. Fournier will become an Executive Vice President and a member of the senior executive management team at Danvers.

Also, effective immediately following today's closing, Beverly directors Mark B. Glovsky, Pamela C. Scott and Michael F. Tripoli have been appointed to the Danvers board of directors. Mr. Glovsky, Ms. Scott and Mr. Tripoli were also appointed as members of the Danversbank board of directors.

Mr. Glovsky is the Managing Partner of Glovsky & Glovsky, a general practice law firm with offices in Beverly, Massachusetts. Mr. Glovsky, who is 61, is a graduate of Dartmouth College and Boston College Law School. Mr. Glovsky resides in Gloucester, Massachusetts with his wife Livia Cowan.

Ms. Scott is President and CEO of LVCC, Inc., a consulting firm that advises investment management firms, non-profit organizations and other entities on business development and organizational issues. Ms. Scott, who is 57, resides in Danvers, Massachusetts.

Mr. Tripoli is a certified public accountant and a founding partner in the firm of Grandmaison & Tripoli, LLP. Mr. Tripoli, who is 51, is a graduate of Merrimack College and Bentley University. Mr. Tripoli resides in Danvers, Massachusetts with his wife Judie.

"We welcome Don, the staff at Beverly National Bank and three of its directors to Danversbank. I am pleased to strengthen our franchise through this acquisition and am confident our two institutions will integrate seamlessly," said Kevin T. Bottomley, Chairman, President and CEO of Danvers.

Danvers expects that Beverly National Bank will be merged into Danversbank in February, 2010.

Company Profile

Danvers Bancorp, Inc., the holding company for Danversbank and Beverly National Bank, currently has approximately $2.3 billion in total assets. Danvers, through its wholly-owned bank subsidiaries, offers a wide range of commercial and retail banking services, including commercial and industrial loans, commercial real estate loans, owner-occupied residential mortgages and consumer loans, cash management, debit and credit card products, online banking, and non-deposit investment products and investment management services. Currently, Danversbank and Beverly National Bank maintain branch locations in the following communities: Andover, Beverly, Boston, Cambridge, Chelsea, Danvers, Hamilton, Malden, Manchester-by-the-Sea, Middleton, Peabody, Reading, Revere, Salem, Saugus, Topsfield, Wilmington, and Woburn, Massachusetts. Additional information about Danvers and its subsidiaries is available at: www.danversbank.com.