bankHometown parent to acquire Randolph bank for $147M
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A bankHometown branch in Webster
Hometown Financial Group, Inc., the holding company for bankHometown in Oxford, plans to acquire Randolph Bancorp, Inc. the Quincy-based holding company of Envision Bank, for $146.5 million.
bankHometown has $1.2 billion in assets and is headquartered in Oxford with locations in Auburn, Lancaster, Leominster, Millbury, Oxford, Sturbridge, Webster, and Worcester. Hometown Financial Group, headquartered in Easthampton, is also the parent company of bankESB in Easthampton, and Abington Bank.
Envision Bank will merge into Abington Bank to create a $1.4-billion bank with 11 full-service retail locations across the South Shore, according to Hometown's announcement on Monday.
Following completion of the transaction, Hometown Financial Group will have consolidated assets of approximately $4.4 billion and a branch network of 38 full-service offices across Massachusetts and northeastern Connecticut.
The merger is anticipated to close in the fourth quarter.
“With the addition of Envision Bank, we more than double our full-service locations and assets in eastern Massachusetts,” said Matthew Sosik, CEO of Hometown Financial Group, Inc. “We are very excited to share the significant resources of Hometown Financial Group with the employees and customers of Envision Bank.”
The acquisition of Randolph Bancorp Inc. marks the sixth merger for Hometown Financial in the past seven years, which also includes the acquisition of Millbury Savings Bank in 2019.
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