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Beverly Bank Merger Q&As
About North Shore Bank
North Shore Bank History
Beverly Bank Merger Q&As
Why are North Shore Bank and Beverly Bank merging?
North Shore Bank and Beverly Bank have similar operating philosophy, commitment to community banking and corporate responsibility. Both banks are committed to local, service-driven banking to best meet the needs of our customers and our communities. Together we will continue to deliver community-focused banking to our customers through expanded product offerings and improved efficiencies.
Can you tell me a little more about Beverly Bank?
Beverly Bank, headquartered in Beverly, is a Massachusetts co-operative bank that was also established in 1888. Similarly, Beverly Bank operates under the mutual holding company structure focusing on customers and not shareholders. Currently, Beverly Bank operates 5 full-service locations in Beverly, Salem and Danvers and will soon open a Peabody branch.
With the merger will the bank retain mutuality?
Yes, the mutual holding company structure will be retained.
What is the leadership of the bank?
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 of North Shore Bank and its parent, North Shore Bancorp. It is expected that other Bank Officers and Managers will assume their similar roles in the combined bank.
How will this merger benefit customers?
There will be several benefits to customers as we combine our organizations. The most obvious is access to eighteen branch locations across the North Shore and southern New Hampshire, along with more ATMs. Our complementary product offerings will add value to both consumers and businesses while enhancing our strong community presence in the eastern Massachusetts area. Customers will continue to receive the local, hands-on service from the bankers with whom they are familiar.
When will the merger be completed?
The closing is expected to occur at the end of the third quarter or the beginning of the fourth quarter of 2019 and is subject to approval by the bank regulators.
Will the Beverly Bank locations remain open?
Yes, the Beverly Bank offices will remain open and will be known as Beverly Bank, a division of North Shore Bank for a period of time. After that period of time, Beverly Bank will be known as North Shore Bank.
Will there be any branch closures or changes in office or drive-up hours?
Branches will continue to operate as such for a period of time while we complete conversion of customer accounts to the North Shore Bank systems. Given the size of the branch network there may be opportunity to consolidate locations in the future; any branch consolidation will not result in staff reductions. Changes to offices/drive-up hours are not anticipated at this time.
Will contributions to the local not-for-profit entities in our communities decrease after the merger?
North Shore and Beverly Bank have a long history of giving back to their communities. The combined organization will continue to support the charitable organizations as they have in the past.
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NMLS # 466007
NSB Routing # 211371298
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