This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter.
Easthampton, Massachusetts-based Hometown Financial Group, the holding company for bankESB, bankHometown and TruNorth Bank, has entered into a merger agreement to acquire Bedford, New Hampshire-based Primary Bank for $160 million, the banks said Monday.
The acquisition is set to add four branches to Hometown's 55-branch footprint and $743 million in ******* ets to Hometown's $6.9 billion, according to a news release. "This is a low-margin business that requires scale," Matt Sosik, Hometown's CEO and chairman, said in an interview. In the "densely populated banking world up here in New England, M&A has to necessarily play a part in achieving that scale."
Hometown's board also adopted a plan to convert its mutual holding company structure to a stock holding company structure. The mutual-to-stock conversion and acquisition are both expected to be completed in the first quarter of 2027.
The Primary acquisition is the ninth merger in the past decade for Hometown, with its most recent purchase being CFSB Bancorp last November, according to an investor presentation.
Easthampton, Massachusetts-based Hometown Financial Group, the holding company for bankESB, bankHometown and TruNorth Bank, has entered into a merger agreement to acquire Bedford, New Hampshire-based Primary Bank for $160 million, the banks said Monday.
The acquisition is set to add four branches to Hometown's 55-branch footprint and $743 million in ******* ets to Hometown's $6.9 billion, according to a news release. "This is a low-margin business that requires scale," Matt Sosik, Hometown's CEO and chairman, said in an interview. In the "densely populated banking world up here in New England, M&A has to necessarily play a part in achieving that scale."
Hometown's board also adopted a plan to convert its mutual holding company structure to a stock holding company structure. The mutual-to-stock conversion and acquisition are both expected to be completed in the first quarter of 2027.
The Primary acquisition is the ninth merger in the past decade for Hometown, with its most recent purchase being CFSB Bancorp last November, according to an investor presentation.
4 months ago
