Parent company of Oxford-based bankHometown to merge with North Shore Bank
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bankHometown in Oxford
Hometown Financial Group, the Easthampton-based holding company of Oxford-based bankHometown, has reached an agreement to merge with North Shore Bancorp, the Peabody-based holding company for North Shore Bank.
The combined entity will have more than $6.4 billion in assets and 52 full-service retail locations across Massachusetts, Connecticut, and New Hampshire, according to a press release issued by Hometown Financial on Thursday.
“This merger will more than double our presence in Eastern Massachusetts in terms of locations and assets,” Matthew Sosik, chairman and CEO of Hometown Financial Group, said in the press release.
bankHometown operates a number of banks through Central Massachusetts and Connecticut. In addition to its Oxford location, other Central Massachusetts branch locations include Worcester, Webster, Auburn, Athol, and Sturbridge.
Sosik told WBJ the merger will have no adverse impact on existing bankHometown customers, and that no closures or staff reductions are expected.
“There’s no geographical redundancy at all,” Sosik said regarding bankHometown’s locations compared to other Hometown Financial-owned institutions. “Really, we can’t afford to lose any employees as we need all hands on deck. It works out from both a branch perspective and an employee perspective.”
This transaction is the seventh strategic merger for Hometown Financial since 2015, according to the release. The transaction is anticipated to close in the second half of 2024, subject to regulatory approvals.
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