On February 27, 2019, Hometown Financial Group, MHC announced that Millbury Savings Bank, Millbury, Massachusetts, will merge into Hometown Financial Group’s subsidiary bankHometown, Oxford, Massachusetts. Upon completion of the merger, bankHometown will have over $1 billion in assets and 16 branches in central Massachusetts and northeastern Connecticut.
The merger with Millbury Savings Bank will mark the third transaction that is expected to close in 2019 for Hometown Financial Group. On January 31, 2019, Hometown Financial Group acquired Pilgrim Bancshares, Inc and its wholly-owned subsidiary Pilgrim Bank. This was followed by the announcement on February 6, 2019 of the merger of Abington Bank and Pilgrim Bank, which is expected to close in the second quarter of 2019.
Luse Gorman serves as legal counsel to Hometown Financial Group and bankHometown in the transaction. The Luse Gorman team consists of Scott A. Brown, Kent M. Krudys, Lawrence M.F. Spaccasi and Megan McKinney (Corporate/M&A), and Thomas P. Hutton (Executive Compensation).
Hometown Financial Group, MHC is a multi-bank mutual holding company headquartered in Easthampton, Massachusetts, which will have over $3 billion in consolidated assets after all pending transactions close and is the parent company of bankESB (Easthampton, MA), bankHometown (Oxford, MA) and Pilgrim Bank (Cohasset, MA).
Millbury Savings Bank is a state-chartered mutual savings bank with $228 million in assets and branches in Millbury and Worcester.