March 25, 2024
On March 22, 2024, Harborstone Credit Union, Lakewood, Washington, announced that it had entered into a purchase and assumption agreement to acquire substantially all the assets and assume substantially all the liabilities of SaviBank, Mount Vernon, Washington, and its parent holding company, Savi Financial Corporation, Inc. Following the completion of the acquisition, SaviBank will distribute the net transaction proceeds to stockholders of SaviFinancial Corporation, Inc., which is estimated to be between $16.00 and $17.00 per share of common stock.
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March 8, 2024
On March 4, 2024, Berkshire Bank, Boston, Massachusetts, entered into three definitive agreements to sell ten of its Upstate and Eastern New York branches, subject to regulatory approval and other customary closing conditions. Under the agreements, Berkshire Bank will sell approximately $485.5 million in deposits, $60.5 million of related residential mortgage and consumer loans, and the branch premises and equipment. The sales exclude Berkshire Bank’s commercial banking businesses associated with the branches.
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March 6, 2024
On March 5, 2024, Hometown Financial Group, Inc., Easthampton, Massachusetts, the holding company for Abington Bank, bankESB and Hometown Bank, completed the private placement of $135.0 million of 8.75% Fixed-Rate Senior Notes due 2037 (the “Notes”). The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
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February 20, 2024
On February 15, 2024, Hometown Financial Group, Inc., the holding company for bankESB, bankHometown, and Abington Bank, and North Shore Bancorp, the holding company for North Shore Bank, announced their agreement for North Shore Bank to become a wholly-owned subsidiary of Hometown Financial Group and merge with Abington Bank, with North Shore Bank as the surviving entity.
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February 8, 2024
On February 7, 2024, Empeople Credit Union, Moline, Illinois, announced that it had entered into a purchase and assumption agreement with TSB Bank, Lomira, Wisconsin. Pursuant to the agreement, Empeople Credit Union will purchase substantially all assets and assume substantially all liabilities of TSB Bank. Following the completion of the transaction, TSB Bank will dissolve and liquidate, and all remaining assets will be distributed to the shareholders of TSB Bank. The combined institution will have approximately $2.2 billion in assets.
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