North Shore Bank and Beverly Bank are pleased to announce the completion of their merger on Tuesday, October 1, 2019. As a result, Beverly Bank merged with and into North Shore Bank – operating for a short interim period as Beverly Bank, a Division of North Shore Bank. Following their planned consolidation of systems, scheduled for March of 2020, the Beverly Bank branches will be re-branded as North Shore Bank.
North Shore Bank President and CEO Kevin M. Tierney, Sr. continues to serve as Chief Executive Officer of North Shore Bank and its parent, North Shore Bancorp. Beverly Bank President and CEO Michael R. Wheeler assumes the role of President and Chief Operating Officer.
According to Tierney,
This merger just made sense. It brings together two well-respected and like-minded community banks that share a rich history and legacy for serving the financial and philanthropic needs of its customers, employees and the greater community. More importantly, combining our institutions provides us with the necessary scale that allows us to more effectively compete in what is an extremely competitive marketplace.
With the addition of Beverly Bank, North Shore Bank’s total assets exceed $1.4 billion, and it operates 18 branches in Massachusetts and southern New Hampshire. With the completion of the merger, customers of both banks now have access to a variety of new products and services, including an expansion of business banking capabilities and residential mortgage lending.
As Mike Wheeler explains,
We’re extremely excited to partner with North Shore Bank. While bringing the two organizations together, we’ve concentrated our efforts on identifying and implementing the best of both banks – a strategy that we believe will ultimately prove highly beneficial to the combined customer base.