Rollstone Bank to be acquired by Newburyport bank, as first female president of RBT set to take over in 2025
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The Rollstone Bank & Trust Building at 780 Main St. in Fitchburg
Rollstone Bank & Trust in Fitchburg will merge with River Run Bancorp, a Newburyport-based firm created as a multi-bank mutual holding company between Newburyport Bank and Haverhill-based Pentucket Bank in 2023.
RBT will continue to operate from its Fitchburg headquarters under its established name and brand, with the banks sharing back office operations and resources to allow for the offering of additional products and services. The bank will retain its management, board of directors, charitable foundation, and retails and lending organizations.
In addition, the retirement of RBT President & CEO Martin Connors in mid-2025 will see current Chief Operations Officer Mary Beth Jokela move into those roles, becoming the first female president in RBT’s 178-year history. Connors will transition to a two-year term as the executive chairman of RBT’s board at that time, according to a RBT press release issued Tuesday.
“Since our founding as Fitchburg Savings Bank in 1846, the banking industry has evolved greatly and is currently undergoing tremendous consolidation. Through it all, we have served our customers and community with pride,” Connors said in the press release. “Joining forces with Newburyport Bank and Pentucket Bank and becoming part of the River Run family will afford us the opportunity to enhance our service offerings and build an even stronger bank for the future.”
The merger has received approval from the boards of Newburyport, Pentucket, and Rollstone Banks and is expected to close in the first half of 2025.
Founded in 1846 as Fitchburg Savings Bank, RBT is the 16th largest bank in Central Massachusetts, according to data provided to the WBJ Research Department, with $920.9 million in assets and $669.3 million in local deposits as of March 31.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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