The merger of Abington Bank with Hometown Financial Group subsidiary of Pilgrim Bank has been completed.
With around $600m in assets, the combined bank will continue to operate as an independent unit under Hometown Financial Group. It operates six branches in the eastern Massachusetts region.
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The two banks signed the agreement to merge their banking operations in February this year.
Commenting on the deal at the time of the announcement, Abington Bank CEO Andrew Raczka said: “We will have the size and scale needed to be a meaningful player in this market and be able to offer the products and services our customers need with the local commitment they deserve.”
Raczka will continue to serve as the president and CEO of the combined bank. He has also assumed the new role as the president of Hometown Financial Group.
Hometown Financial Group is a multi-bank holding company with around $2.7bn in assets. Each of the subsidiary banks maintains an independent identity, management and board.
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By GlobalDataThrough these distinct subsidiaries, Hometown Financial Group manages 30 branches in Massachusetts and Connecticut.
This year, Hometown’s wholly-owned subsidiary bankHometown signed a deal to join forces with Millbury Savings Bank.
The merger, expected to close in the fourth quarter of this year, will create a $1bn bank with 15 branches. The combined bank will operate under the bankHometown name.
