PEABODY & BEVERLY, MA — North Shore Bank (www.northshore-bank.com) and Beverly Bank (www.beverlybank.com) today announced plans to merge — creating an organization with more resources to better serve the people, businesses and communities north of Boston. Under the terms of the definitive merger agreement, Beverly Financial and Beverly Bank will merge with and into North Shore Bancorp and North Shore Bank respectively.
The merger of these strong, independent, state chartered mutual banks has been approved by the Boards of Directors of both organizations and will be completed pending necessary approvals. Customer accounts will continue to be insured in full through the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund of Massachusetts (SIF). As North Shore Bank, the combined institution will continue its mutual and co-operative bank status.
North Shore President and CEO, Kevin M. Tierney, Sr., will lead the combined banks as Chief Executive Officer of North Shore Bank and its parent North Shore Bancorp. Beverly Bank President and CEO, Michael R. Wheeler, will assume the role of President and Chief Operating Officer.
In a joint statement, Messrs. Tierney and Wheeler explained:
In today’s banking environment, one characterized by increasing technology costs, ongoing regulatory demands and evolving cyber-security, community banking can be challenging and competitive. By merging our institutions, we are not only committing to mutuality but also achieving a size and scale that will allow us to create an even stronger, more relevant bank for the future.” They further stated, “The merger essentially combines two financially sound banks – both chartered in 1888 —who share a deep commitment to their customers and the communities they serve.
Upon completion, North Shore Bank will grow to $1.4 billion in assets and will operate out of eighteen full-service locations throughout Essex County and southern New Hampshire. All Beverly Bank employees will join the North Shore Bank team and customers of both banks will continue to see the same friendly faces at their local banking offices.
According to Mr. Tierney:
North Shore Bank recognizes the strategic advantages of merging with the right mutual partner that shares the same philosophy toward community banking and quality service. We are excited about our partnership with Beverly Bank and are pleased to welcome their employees and customers. Our combined resources and enhanced branch network will enable us to better serve customers in Essex County and Southern New Hampshire. Mr. Wheeler and I will work with our combined management to bring together our two banks with minimal disruption to our customers.
Beverly Bank President and CEO, Mike Wheeler related,
We are thrilled to be joining forces with North Shore Bank. We know their team well. Their customer-first approach, employee-centric culture, and commitment to mutuality aligns with our philosophy at Beverly Bank. We have successfully grown our Bank and served our customers, and with this merger, we gain a source of strength to continue our mission well into the future. Beverly Bank shares many commonalities with North Shore Bank, and we are confident that this transaction will be mutually beneficial to our combined core constituencies.
The merger is subject to approval by North Shore Bancorp and Beverly Financial Corporators, and certain regulatory approvals, including approval by the Federal Deposit Insurance Corporation (FDIC) and the Massachusetts Commissioner of Banks. The merger is expected to be completed during the third quarter of 2019.
Nutter, McClennen and Fish, LLP served as legal counsel for North Shore Bank and Luse Gorman, PC served as legal counsel to Beverly Bank.
About Beverly Bank
Established in 1888, Beverly Bank is an independent community bank committed to providing high-quality financial solutions to people and businesses within the neighborhoods they serve. An active member of the community, the bank continually focuses on developing new relationships and meeting the ever-changing needs of our customers. Beverly Bank maintains full-service branches in Beverly, Danvers and Salem.