Creates a premier community bank with over $3 billion in assets and 25 branches serving eastern Massachusetts.
EASTHAMPTON, Mass. and PEABODY, Mass., Sept. 23, 2024 /PRNewswire/ — 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.
About Hometown Financial Group
Hometown Financial Group, Inc. is a $6.5 billion multi-bank mutual holding company headquartered in Easthampton, Massachusetts, and is the parent company of the family of banks that includes bankESB, bankHometown, North Shore Bank, and Abington Bank, a division of North Shore Bank, as well as Hometown Mortgage. Together, our banks offer a complete line of consumer and business deposit and lending products and services through 52 branch offices located throughout Massachusetts, northeastern Connecticut, and southern New Hampshire. We take advantage of the size, scale, and efficiencies of shared centralized resources to fulfill our community banking mission—providing individualized financial support, a suite of comprehensive products and services, smart banking technology, and increased lending capacity—all to ensure our customers can unlock their potential and build a successful future.
Hometown Financial and our banks are proud to be recognized nationally as a two-time Top Workplaces USA award winner and two-time Top Workplaces Financial Services Industry award winner by Energage, a Top Places to Work award winner by The Boston Globe, and a Top Workplaces award winner by the Hartford Courant. Through our sponsorship and charitable giving program, The Giving Tree, Hometown Financial Group supports non-profit organizations and causes throughout the cities and towns our banks serve. In 2023, Hometown Financial Group banks and foundations donated more than $1.8 million and over the past decade have donated more than $10 million. For more information, visit bankHFG.com.
About North Shore Bank
North Shore Bank and Abington Bank, a division of North Shore Bank, are headquartered in Peabody, Massachusetts. We have more than $3 billion in assets and offer a complete line of consumer and business deposit and lending products and services through 25 branches located throughout the North and South Shore regions of Massachusetts and southern New Hampshire. We’re proud to fulfill our community banking mission—providing individualized financial support, a suite of comprehensive products and services, and smart banking technology—all to ensure our customers can unlock their potential and build a successful future. Through our sponsorship and charitable giving program, The Giving Tree, North Shore Bank supports non-profit organizations and causes throughout the communities it serves. In 2023, The Giving Tree donated more than $800,000 and over the last decade has donated more than $3.8 million. For more information, visit NorthShore-Bank.com.
About Hometown Mortgage
Hometown Mortgage helps potential borrowers unlock the right home financing solution for their unique needs. Hometown Mortgage is a division of bankESB, a Hometown Financial Group company that also includes bankHometown, North Shore Bank, and Abington Bank, a division of North Shore Bank.
CONTACTS:
Hometown Financial Group, Inc.
Dena M. Hall, EVP, Chief Retail Banking & Marketing Officer
413.779.2215 | dhall@bankESB.com
North Shore Bank
Kevin M. Tierney, Sr., Chief Executive Officer
978.538.7042 | ktierney@northshore-bank.com
SOURCE Hometown Financial Group, Inc.
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