August 27, 2007
Hudson, Westborough banks to be known as Avidia
By Matthew L. Brown
By the end of October, customers of Westborough Bank and Hudson Savings Bank will know each institution as Avidia Bank.
Mark R. O'Connell, president and CEO of Hudson Savings Bank, said in a printed statement today that the legal aspects of the $20.6 million merger agreement between the two banks had been completed. The new bank will have assets of about $1 billion, and be known as Avidia Bank. The bank will be headquartered in Hudson, and will have branches in that town as well as Westborough, Marlborough, Shrewsbury, Northborough, Clinton and Leominster.
The conversion to Avidia should be finalized on Oct. 22.
The name Avidia was selected to "help differentiate us in the marketplace," O'Connell said.
The bank merger is the result of the merger of the two banks' holding companies: Hudson's Assabet Valley Bancorp, and Westborough's Westborough Bancorp Mutual Holding Co.
The merger has been in the works since November 2006, and was approved by Westborough shareholders in late July, although some Westborough shareholders complained that the bank's shares weren't fetching a high enough price from Assabet.
Mark R. O'Connell, president and CEO of Hudson Savings Bank, said in a printed statement today that the legal aspects of the $20.6 million merger agreement between the two banks had been completed. The new bank will have assets of about $1 billion, and be known as Avidia Bank. The bank will be headquartered in Hudson, and will have branches in that town as well as Westborough, Marlborough, Shrewsbury, Northborough, Clinton and Leominster.
The conversion to Avidia should be finalized on Oct. 22.
The name Avidia was selected to "help differentiate us in the marketplace," O'Connell said.
The bank merger is the result of the merger of the two banks' holding companies: Hudson's Assabet Valley Bancorp, and Westborough's Westborough Bancorp Mutual Holding Co.
The merger has been in the works since November 2006, and was approved by Westborough shareholders in late July, although some Westborough shareholders complained that the bank's shares weren't fetching a high enough price from Assabet.
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