Cornerstone Bank and PeoplesBank complete $6B merger
Photo I Courtesy of Cornerstone Bank
(from left) Todd Tallman, CEO of Worcester-based Cornerstone Bank, and Thomas Senecal, CEO and chairman of the board of PeoplesBank headquartered in Holyoke
The parent companies of Worcester-based Cornerstone Bank and Holyoke-based PeoplesBank have officially completed their merger announced in June, forming a $6-billion entity.
"This merger was always about the people – not only our employees but also the community," Cornerstone CEO Todd Tallman said in the release. “It provides an immense opportunity to invest in people, communities, technology, and, of course, growth."
As of Friday, both bank’s holding companies have combined and will continue operations under the name PeoplesBancorp, according to Monday press release. Both institutions will keep their independent names and brands, continuing to operate separately with visible outward changes for customers.
The parent companies originally announced their intent to merge in June.
“The banking industry is shrinking while becoming more competitive, and asset size matters for scalability. This new relationship means that with our mutual charter, we will realize a new ability to efficiently compete, as well as attract and retain the highest-quality associates, while also continuing to invest in our communities,” Thomas Senecal, PeoplesBank chairman and CEO, said in the release.
Senecal will remain in his roles. Tallman will become PeoplesBancorp president, and Brian Canina will become the holding company’s chief operating officer while continuing his position as president of PeoplesBank.
Both banks have continued to expand throughout the state. In January, Cornerstone announced it would open a new branch in Worcester’s Tatnuck Square come spring, and PeoplesBank looks to add two new banking centers in February.
With $1.2 billion local deposits, Cornerstone Bank is the 10th largest bank in Central Massachusetts when ranked by total local deposits as of June 30, 2023, according to data collected by WBJ’s Research Department.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
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