On October 7, 2022, Hometown Financial Group, Inc. Easthampton, Massachusetts, the multi-bank holding company for bankESB, bankHometown and Abington Bank, completed its acquisition of Randolph Bancorp, Inc., Quincy, Massachusetts. Immediately following that merger, Abington Bank, Abington, Massachusetts, acquired Envision Bank, Randolph, Massachusetts, a wholly-owned subsidiary of Randolph Bancorp. The all-cash transaction was valued at approximately $146.5 million.
The transaction expanded Hometown Financial Group’s market presence in eastern Massachusetts, bringing consolidated assets to $4.5 billion with 37 branches located throughout Massachusetts and northeastern Connecticut. Abington Bank now has $1.4 billion in assets and 10 branches located throughout the South Shore and South Coast of Massachusetts.
Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.