Massachusetts mutual financial institution holding corporations to merge

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A pair of Massachusetts financial institution holding corporations plan to merge in a deal slated to shut early subsequent 12 months.

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Two Massachusetts banks struck a deal to mix their holding corporations in a bid for scale and effectivity.

Holyoke-based PeoplesBancorp MHC, mum or dad of PeoplesBank, and Worcester-based SSB Group Bancorp MHC, the holding firm for Cornerstone Financial institution, mentioned they might merge in a transaction slated to shut within the first quarter of 2025. Monetary phrases weren’t disclosed in a press launch asserting the deal on Thursday.

The mix “will create extra monetary backing for every of our banks, making certain the sort of sustained energy that our prospects have relied on since our founding in 1885,” Tom Senecal, chairman and CEO of PeoplesBank, mentioned within the launch.

The mixed holding firm would function below the PeoplesBancorp moniker and have about $6 billion of belongings.

Senecal would stay chairman and CEO, whereas Cornerstone CEO Todd Tallman would turn into president of the mixed holding firm.  

“Whereas prospects will not see any distinction of their day-to-day banking experiences, this merger affords us extra scalability and energy that we are able to construct on sooner or later,” Tallman mentioned within the launch.

The $4.4 billion-asset PeoplesBank serves western Massachusetts, whereas the $1.6 billion-asset Cornerstone operates in central Massachusetts.

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