SpencerBANK and Southbridge Savings Bank to merge
SpencerBANK and Southbridge Savings Bank will merge their mutual holding companies, bringing together their assets while continuing to remain independent, the banks announced Wednesday.
The combined mutual holding company will have close to $1 billion in assets and $108 million in equity and represent a branch network of 15 offices located throughout Central Massachusetts, according to a release from the banks.
The two banks have a combined 300 years of serving their communities, with President and CEO of SpencerBANK Michael Robbins describing it as a “merger of equals” that will allow the banks to operate independently under their own names. SpencerBank has six branch locations and 89 employees while Southbridge Savings has nine branches and 110 employees.
The merger will expand bank deposits and lending abilities, said Todd Tallman, President and CEO of Southbridge Savings Bank, who explained this will make both banks more competitive. Plans call for the two CEOs to continue running their respective banks.
The proposed merger has been approved by the boards of directors for the banks’ mutual holding companies but is subject to regulatory approvals. The merger is expected to close in the second quarter of 2016.
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