Hometown Financial Group in Easthampton, Mass., has agreed to buy North Shore Bancorp in Peabody, Mass.
The $4.7 billion-asset Hometown said in a press release that it expects to buy the $1.7 billion-asset North Shore in the second half of the year. The financial terms weren’t disclosed.
Hometown said that no branch closures or staff reductions are expected.
Kevin Tierney Sr., North Shore’s CEO, will become Hometown’s president and lead the North Shore Bank division. Michael Wheeler, North Shore’s president and chief operating officer, will become Hometown’s COO.
Andrew Raczka, president and CEO of Hometown’s Abington Bank, will retire.
The acquisition “will more than double our presence in eastern Massachusetts in terms of locations and assets, so we’re eager to share the significant power and resources of Hometown … with the employees and customers of North Shore,” Matthew Sosik, Hometown’s chairman and CEO, said in the release.
Luse Gorman and Piper Sandler advised Hometown. Nutter McClellan & Fish and Keefe Bruyette and Woods advised North Shore.