North Brookfield, FamilyFirst Banks To Merge
North Brookfield Savings Bank announced Monday that it plans to merge with Ware-based FamilyFirst Bank.
The merger would bring together North Brookfield’s $215 million in assets and four branches with FamilyFirst’s $52 million in assets and three branches. The deal is expected to close in late winter or early spring, and the combined bank would operate under the North Brookfield Savings name.
“This is a partnership that will work well because we will fill each other’s market,” said Donna Boulanger, president and CEO of North Brookfield Savings.
North Brookfield plans to keep all seven existing bank branches open – which span six towns straddling the borders of Worcester, Hampshire and Hampden counties – and retain all 12 FamilyFirst frontline employees.
However, five FamilyFirst executives won’t join the new company, Boulanger said, including president and CEO Michael Audette, who plans to retire.
FamilyFirst has struggled in recent years, losing a combined $558,000 since the start of 2010 while its asset base shrunk from $58.2 to $51.9 million over that time.
Boulanger said the combined bank will benefit from economies of scale. North Brookfield Savings has grown its assets from $191.9 to $215 million since 2010 while earning $5.2 million in profit.
Audette has been looking to retire and approached Boulanger a couple of months ago about merging the banks, she said.
The transition should be easy for FamilyFirst customers, Boulanger said, since both banks use the same core technology products and are dedicated to providing personal service.
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