Robert Morton, president & CEO, bankHometown
October 21, 2019
bankHometown completes $1B merger with Millbury Savings
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Millbury Savings Bank branches, like this one in Worcester, will be rebranded as bankHometown after the two merge.
By Sam Bonacci
The Hometown Financial Group announced Monday its Oxford-based bankHometown has completed its merger with Millbury Savings Bank.
As part of the merger, Robert Morton, president and CEO of Millbury Savings Bank, has been appointed president and CEO of bankHometown. Matthew Sosik, former president and CEO of bankHometown, will continue as CEO of Hometown Financial Group and president and CEO of subsidiary bankESB. Both are headquartered in Easthampton.
In the initial announcement of the merger, the companies said there will be no branch closures or staff reductions resulting from the merger. Millbury Savings Bank branches will be rebranded under the bankHometown name.
Matthew Sosik, president and CEO, Hometown Financial Group
bankHometown has $1 billion in assets and 15 branches located throughout Central Massachusetts and northeastern Connecticut. The bank plans to open a new branch on Grove Street in Worcester in early 2020.
The merger with Millbury Savings Bank marks the third transaction closed in 2019 for Hometown Financial Group. On Jan. 31, the company closed on its acquisition of Pilgrim Bancshares, Inc in Cohasset. This was followed by the merger of Abington Bank and Pilgrim Bank on May 17. The closing of that transaction resulted in the formation of a $600-million bank with six branches operating in Eastern Massachusetts.
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