bankHometown’s parent to finalize $4B Quincy merger Oct. 7
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A bankHometown branch in Webster
Eastham’s Hometown Financial Group, Inc., parent company of Oxford’s bankHometown, and Randolph Bancorp, Inc. of Quincy have received regulatory approval for their proposed merger and announced Tuesday a target date of Oct. 7 for closing.
The deal was announced in March and Randolph Bancorp shareholders voted to approve the merger in June.
Randolph Bancorp. is the parent company of Envision Bank of Randolph which has five branches in Massachusetts and controls $775 million in assets as of June 30, according to the Federal Deposit Insurance Corp.
bankHometown has 16 offices in Massachusetts and Connecticut and as of June 30 controlled $1.4 billion in assets. In 2019, bankHometown merged with Millbury Savings Bank.
In addition to bankHometown, Hometown Financial Group, Inc. is the parent company of bankESB in Easthampton and Abington Bank.
Following the acquisition, 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.
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.
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