On April 9, 2019, Beverly Financial, MHC, Beverly, Massachusetts, the holding company for Beverly Bank, and North Shore Bancorp, Peabody, Massachusetts, the holding company for North Shore Bank, announced a definitive merger agreement pursuant to which Beverly will merge with and into North Shore. Upon completion of the merger, the resulting institution will have $1.4 billion in assets and 18 full-service locations throughout Essex County, Massachusetts and southern New Hampshire.
Luse Gorman serves as legal counsel to Beverly Bank in the transaction. The Luse Gorman team consists of Kent M. Krudys, Lawrence M.F. Spaccasi, and Gregory Sobczak (Corporate/M&A), and Max Seltzer (Executive Compensation).
Beverly Bank is a Massachusetts co-operative bank with banking offices in Beverly, Danvers and Salem, Massachusetts.
North Shore Bank is a Massachusetts co-operative bank with banking offices in Beverly, Danvers, Merrimac, Middleton, Peabody, Salem and Saugus, Massachusetts and Newton, New Hampshire.