Massachusetts-based lenders Chicopee Savings Bank and Westfield Bank have secured the final regulatory approval from the board of governors of the Federal Reserve System and the Office of the Comptroller of the Currency (OCC) for their merger.
The merged entity will manage total assets of $2.1bn, tangible equity of over $215m and will have 21 branches serving customers throughout western Massachusetts and northern Connecticut.
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The combined group will be the largest locally managed bank in Hampden County, Massachusetts and the county's second largest bank in terms of deposit market share.
The deal, valued at about $110m, was announced in April 2016. The completion of the transaction is now subject to approvals from the Massachusetts Board of Bank Incorporation and the shareholders of the two banks.
Shareholders of Westfield will own about 59% of stock in the combined firm, while Chicopee shareholders will own about 41%.
Westfield president and CEO James Hagan will take over as president and CEO of the merged company.
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