Massachusetts-based lenders bankHometown and Millbury Savings Bank have signed an agreement to merge their banking activities.
The combined bank will have more than $1bn in assets and 15 branches in Massachusetts and Connecticut.
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bankHometown- Millbury Savings Bank merger
The combined bank will operate under the bankHometown name. Additionally, the merger will not result in any staff reductions or branch consolidations.
It is also expected to cause minimal impact to regular operations as both the lenders share the same core processing platform.
Millbury Savings Bank president and CEO Robert Morton said: “Merging with bankHometown allows us to provide our customers with increased lending capacity, an extended branch and ATM network, and an expanded offering of products and services.
“At the same time, and even more importantly, our customers will see the same familiar faces every day.”
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By GlobalDataFollowing the completion of the merger, Morton will serve as the president and CEO of the combined bank. He, along with five Millbury Savings Bank board of trustees members, will also join the bankHometown board of directors.
The transaction is expected to close in the 2019 fourth quarter, subject to regulatory and other customary closing conditions.
bankHometown is a wholly-owned subsidiary of Hometown Financial Group. Its banking units also include bankESB and Pilgrim Bank.
Earlier this month, Pilgrim Bank announced to acquire Abington Bank to create a $600m community bank in eastern Massachusetts.
Following the bankHometown- Millbury Savings Bank merger, Hometown Financial Group will have around $3bn in consolidated assets.
