Hudson Savings Bank, Westboro Bank to merge
Hudson Savings Bank and Westboro Bank have entered an Agreement and Plan of Merger. No branch closings or layoffs are planned, said Joe MacDonough, president of Westboro Bank and Westboro Financial.
Hudson Savings Bank is a Mass.-chartered savings bank which is wholly-owned by Assabet Valley Bancorp, a Mass.-chartered mutual holding company. Westboro Bank is also a Mass.-chartered stock savings bank, wholly-owned by Westboro Financial, a Mass.-chartered mid-tier holding company and majority-owned subsidiary of Westboro Bancorp MHC, a Mass.-chartered mutual holding company.
As a result of the agreement, the mutual holding company structure of Westboro Bancorp MHC will be dissolved and Westboro Bank will ultimately merge with Hudson Savings Bank. A new name will be announced prior to completion of the transactions. Westboro Bank's MacDonough will serve as president and CEO of Assabet Valley Bancorp, and all of the trustees and corporators of Westboro Bancorp MHC will be named or appointed to Assabet Valley Bancorp's Board of Trustees and Board of Corporators. Mark O'Connell, current president of Hudson Savings Bank, will serve as president of the new combined Bank and MacDonough will serve as executive vice president.
The merger is subject to several conditions, including the receipt of regulatory approvals and the approval of the stockholders of Westboro Financial and the corporators of Westboro Bancorp MHC and Assabet Valley Bancorp.
Transactions are expected to be complete by spring of next year, at which point the two banks will begin combining systems, data and personnel. The process is anticipated to be completed by the conclusion of 2007.
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