North Brookfield, FamilyFirst complete merger
North Brookfield Savings Bank said it was to have completed its merger Sunday with Ware-based FamilyFirst Bank.
The merger was announced in December and approved during the winter months by North Brookfield corporators, FamilyFirst shareholders and federal regulators. The final green light came from state regulators May 9.
The deal has brought together North Brookfield’s $216 million in assets and four branches with FamilyFirst’s $51 million in assets and three branches, with the combined bank operating under the North Brookfield name.
New North Brookfield signage will be unveiled at the former FamilyFirst branches and the computer systems will be integrated during the weekend of July 26. Until then, customers are being asked to continue to bank within their existing branch network.
The transition should be easy for Family First customers, according to North Brookfield President and CEO Donna Boulanger, who said both banks use the same core technology products.
North Brookfield plans to keep all seven existing bank branches open – spanning six towns straddling the borders of Worcester, Hampshire and Hampden counties – and retain all 12 FamilyFirst front-line employees.
However, five FamilyFirst executives won’t join the new company, Boulanger said in December, including president and CEO Michael Audette, who has retired.
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