The merger announced in October between Rollstone Bank & Trust in Fitchburg and Newburyport-based firm River Run Bancorp has been finalized.
The merger, which sees RBT join Newburyport Bank and Haverhill-based Pentucket Bank as part of River Run Bancorp, went into effect on Tuesday after receiving all necessary regulatory approvals.
“Today marks a new chapter for Rollstone Bank & Trust and for the entire River Run family,” Lloyd Hamm, president & CEO of River Run, said in a Tuesday press release. “We are excited to officially welcome Rollstone into the fold. Together, our three banks will continue to honor their local legacies while building a stronger, more resilient future for mutual community banking.”
Now that the merger is complete, RBT will be led by Mary Beth Jokela following the expected retirement of current President and CEO Martin Connors later this year. Jokela will be the first woman to lead RBT in its 179-year history.
“I’m honored to lead Rollstone into this exciting next chapter,” Jokela said in the press release. “The River Run partnership means more resources, broader expertise, and greater opportunity, all while continuing to put our customers and communities first.”
RBT, Pentucket Bank, and Newburyport Bank will continue to operate under existing branding, retaining their local headquarters and board of directors. Combined, the banks will have assets exceeding $3.6 billion, with branch locations in Massachusetts and New Hampshire.
RBT has branch locations in Fitchburg, Groton, Harvard, Leominster, and Townsend, according to its website.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
