Hometown Financial Group has finalised its acquisition of CFSB Bancorp, the parent company of Colonial Federal Savings Bank.
In May this year, Hometown Financial signed an agreement to acquire CFSB Bancorp and its subsidiary for $14.25 per share in cash, totalling up to $44m.
With the completion of the deal, Colonial Federal’s branches will now operate under North Shore Bank, which is a part of Hometown Financial.
North Shore Bank’s total assets increased to $3.3bn, with 29 branches across eastern Massachusetts, including 15 on the North Shore and 14 on the South Shore.
The South Shore locations include ten existing Abington Bank branches and four Colonial Federal branches in Quincy, Holbrook, and Weymouth.
Hometown Financial’s consolidated assets now stand at $6.9bn. Its network has expanded to 56 branches in Massachusetts, northeastern Connecticut, and southern New Hampshire.
Hometown Financial chairman and CEO Matthew Sosik said: “We’re thrilled to welcome Colonial Federal employees and customers into the North Shore Bank and Hometown Financial Group family.
“As we grow our presence in eastern Massachusetts, solidify our already formidable branch network on the South Shore, and introduce our unique brand of community banking to the customers and employees of Colonial Federal, we look forward to introducing the Colonial Federal family to all the products, services and locations to help unlock their potential.”
Hometown Financial is a mutual holding company and the parent organisation of bankESB, bankHometown, North Shore Bank, and Hometown Mortgage.
North Shore Bank, based in Peabody, Massachusetts, has operated for more than a century and provides a range of consumer and business banking services.
The addition of Colonial Federal’s locations is expected to strengthen Hometown Financial’s presence in eastern Massachusetts.
North Shore Bank president and CEO Michael Wheeler said: “We’re passionate about fulfilling our promise to deliver individualised financial solutions and new digital banking tools and technology at an even greater convenience.
“As we fully bring our organisations together operationally next spring, we look forward to extending our premier commercial and business deposit, lending, and Cash Management products to an even greater number of South Shore business communities.
“At the same time, joining forces will enable us to broaden our commitment to giving back to the communities we serve through our charitable giving program, The Giving Tree.”
