North Shore Bank is to join the Hometown Financial Group through a merger of Abington Bank into North Shore Bank. The combined bank will have more than $3bn in assets and 25 branches across Massachusetts’ North and South Shore regions and southern New Hampshire. No branch closures and no staff reductions are anticipated.
At closing, the branches in the South Shore region will continue to operate under the Abington Bank brand as a division of North Shore Bank.
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We’re thrilled to welcome North Shore Bank’s customers, employees, and communities to the Hometown Financial Group family of banks,” said Matthew Sosik, chair and CEO of Hometown Financial Group. This merger will more than double our presence in eastern Massachusetts in terms of locations and assets. So, we’re eager to share the significant power and resources of Hometown Financial Group with the employees and customers of North Shore Bank.”
Hometown Financial Group is a $4.7bn multi-bank mutual holding company and parent company of bankESB, bankHometown, and Abington Bank. These separate and distinct banking franchises operate 37 branches located throughout Massachusetts and northeastern Connecticut.
North Shore is a $1.7bn bank based in Peabody, Massachusetts, with 15 branches in eastern Massachusetts, and southern New Hampshire.
Following completion of the deal, Hometown Financial Group will have consolidated assets of approximately $6.4bn and a 52-branch-strong network. The transaction is the seventh strategic merger for Hometown Financial Group in the last nine years.
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By GlobalData