South County banks eye $1B merger, rebranding
SpencerBANK and Southbridge Savings Bank are scheduled to merge and become Cornerstone Bank in June.
SpencerBANK and Southbridge Savings Bank, which merged their holding companies in May, will now merge as one institution and rebrand as Cornerstone Bank.
The merger is expected to close June 12, pending regulatory approvals, the banks said in a Tuesday press release. Michael Robbins, the president and CEO of SpencerBANK, will be chairman and CEO of Cornerstone, while Southbridge Savings Bank’s president and CEO, Todd Tallman, will become president and treasurer.
At the time of the holding company merger in May, the combined entity had $1 billion in assets and $108 million in equity.
After everything is finalized, customers will be able to use the combined 15 branches of either bank.
The new name was chosen after a branding study.
“The name we chose best embodies our culture and promotes the values of integrity and trust that our banks were built on,” said Robbins in the announcement.
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