Hometown Financial to buy Randolph Bancorp in Mass.

Hometown Financial Group in Easthampton, Mass., has agreed to buy Randolph Bancorp in Quincy, Mass.

The $3.6 billion-asset Hometown said in a press release Monday that it will pay $146.5 million for the $803 million-asset parent of Envision Bank. The deal is expected to close in the fourth quarter.

Randolph’s directors and executive officers, who own about 7.7% of the company’s stock, pledged to support the sale. At least one Randolph director will join Hometown’s board.

“With the addition of Envision Bank, we more than double our full-service locations and assets in eastern Massachusetts,” Matthew Hometown’s CEO, said in the release.

Sosik said Hometown will continue to seek out more acquisitions.

Piper Sandler and Luse Gorman advised Hometown. Keefe, Bruyette & Woods and Goodwin Procter advised Randolph.

The Bank Slate

Hometown Financial to buy Randolph Bancorp in Mass.

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The Bank Slate

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About the author

Paul Davis has 20+ years of experience following the banking industry. He is currently director of market intelligence at SRM, an advisory firm that operates in North America and Europe.

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