North Shore Bank and Abington Bank Complete Merger
Creates a premier community bank with over $3 billion in assets and
25 branches serving eastern Massachusetts.
Hometown Financial Group, Inc., the multibank mutual holding company for bankESB, bankHometown, North Shore Bank, and Abington Bank, a division of North Shore Bank, announced today that the merger of Abington Bank with North Shore Bank is complete, and that North Shore Bank has joined the Hometown Financial Group family of banks.
North Shore Bank now has more than $3 billion in assets and 25 full-service retail locations across Massachusetts’ North and South Shore regions and southern New Hampshire. No branch closures or staff reductions took place. As part of the transaction, North Shore Bank has established a new charitable foundation to supplement its existing philanthropic mission.
The branches in the South Shore region will continue to operate under the Abington Bank brand as a division of North Shore Bank, led by Kevin M. Tierney, Sr., Chief Executive Officer of North Shore Bank and President of Hometown Financial Group. Michael R. Wheeler, President and Chief Operating Officer of North Shore Bank also assumed the role of Chief Operating Officer of Hometown Financial Group. The transaction allowed long-time Abington Bank President and CEO Andrew J. Raczka to retire after a more than 40-year career in community banking. Members of the Abington Bank board of directors joined the board of directors of North Shore Bank at closing and the corporators of North Shore Bank joined the corporators of Hometown Financial Group.
“We’re thrilled to welcome North Shore Bank employees and customers into the Hometown Financial Group family,” said Hometown Financial Group CEO Matthew S. Sosik. “This transaction more than doubles our presence in eastern Massachusetts and brings our holding company consolidated assets to $6.5 billion, making us one of the largest mutual holding companies in the country.”
“I look forward to getting to know the Abington Bank customers, employees, and communities in the months ahead now that they have joined North Shore Bank,” said Tierney. “I’m passionate about fulfilling our promise to deliver individualized financial solutions, enhanced smart banking tools and technology, and increased business lending capacity. At the same time, this will enable us to broaden our commitment to giving back to the communities we serve through our new foundation and our charitable giving program, The Giving Tree.”
Customers and consumers in eastern Massachusetts will also benefit from the residential mortgage products and services offered through Hometown Mortgage, an affiliate of Hometown Financial Group. Its mission is to make home financing simple and stress-free by helping potential borrowers unlock the right home financing solution for their unique needs. At the same time, a commitment to community banking and local roots means that Hometown Mortgage can focus on the unique needs of those who live and work in the communities we serve.
With the transaction completed, Hometown Financial Group has consolidated assets of $6.5 billion, more than 700 employees, and a branch network of 52 full-service offices across Massachusetts, northeastern Connecticut, and southern New Hampshire.
“Hometown Financial Group and North Shore Bank’s focus on innovation and technology will help meet the evolving needs of customers by providing greater access to digital banking tools and an expanded branch network,” said Wheeler. “These enhancements will improve the customer experience and make us an even stronger competitor in eastern Massachusetts.”
This transaction is the seventh strategic merger for Hometown Financial Group in the last nine years.
