SpencerBANK and Southbridge Savings Bank merger approved
The merger of the holding companies of SpencerBANK and Southbridge Savings Bank has been approved and will operate under the name SSB Community Bancorp MHC.
The merger has been approved by the board of trustees of each bank's parent mutual holding company and has received the required regulatory approvals, the companies reported Monday.
The combined mutual holding company will have close to $1 billion in assets and $108 million in equity and represent a branch network of 15 offices located throughout Central Massachusetts, according to a release from the banks. By merging the holding companies, as opposed to the banks, the two entities will be able to combine resources while continuing to operate independently under their own names.
"Each bank brings complementary products and services," Todd Tallman, President and CEO of Southbridge Savings Bank, said in a statement. "This partnership will provide us the ability to offer a broader range of services and depth of knowledge to our communities."
SpencerBANK President and CEO Michael Robbins will serve as the chairman and CEO of the combined mutual holding company. Tallman will serve as president and treasurer of the mutual holding company. Robbins and Tallman will continue as president and CEO of their respective banks.
While many banks choose traditional mergers, merging of holding companies is emerging as a new option locally. Hometown Bank and Easthampton Savings Bank also undertook a merger of their holding companies last year.
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