Massachusetts-based Abington Bank is set to merge with Pilgrim Bank, a subsidiary of the Hometown Financial Group, to create a $600m community bank with six offices serving eastern Massachusetts.
Following the merger, Abington Bank CEO Andrew Raczka will lead the combined entity.
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Raczka said: “Our combined resources and expanded branch network will enable us to better serve customers in Plymouth and Norfolk counties.
“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.”
Recently, Hometown Financial Group closed the acquisition of the Pilgrim Bank.
Following the completion of the latest combination, Hometown Financial Group will have consolidated assets of $2.7bn with 30 branches across Massachusetts and north-eastern Connecticut.
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By GlobalDataThe combined Abington Bank-Pilgrim Bank entity will operate as an independent subsidiary of the group with its headquarters at Abington.
Hometown Financial Group president and CEO Matthew Sosik said: “Pilgrim Bank was our entry point into the eastern Massachusetts market.
“From the start, we knew that finding the right mutual partner would be the key to our success with our acquisition of Pilgrim Bancshares, Inc. We are very excited about our partnership with Abington Bank.”
The deal is expected to close in the second quarter of this year.
During this period, all the respective branches will continue to remain open. Impact of the merger on customers is expected to be minimal as both the banks share common data processor.
