Millbury Savings Bank, bankHometown plan $1B merger
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Millbury Savings Bank branches, like this one in Worcester, will be rebranded as bankHometown after the two merge.
Millbury Savings Bank and Oxford-based bankHometown are planning to merge and create a financial institution with $1 billion in assets and 15 branch locations in Central Massachusetts and Connecticut.
The merger marks the third transaction of 2019 for bankHometown’s parent company Hometown Financial Group.
After the merger, Hometown Financial Group will have $3 billion in assets across 32 branches in Massachusetts and Connecticut.
According to the announcement, there will be no branch closures or staff reductions resulting from the merger. Millbury Savings Bank branches will be rebranded under the bankHometown name.
Robert Morton, president and CEO of Millbury Savings Bank, will lead the combined bank in the same role. He and five members of the bank’s board of trustees will join the bankHometown board of directors.
Morton and one other Millbury board member will join the board of directors of Hometown Financial Group, but bankHometown will continue to remain headquartered in Oxford.
bankHometown President and CEO Matthew Sosik will continue those roles with the parent company Hometown Financial Group and its subsidiary bankESB.
"We are excited to welcome Millbury Savings Bank's customers, employees and communities to the bankHometown family," Sosik said. "This merger will expand our presence into the Worcester and Millbury markets and will add a team of talented bankers to bankHometown."
The combined bank will now benefit from the shared resources under the Hometown umbrella, which also includes bankESB and Pilgrim Bank.
Boards for both banks have unanimously approved the merger, and it is expected to close in the fourth quarter.
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