PeoplesBancorp in Holyoke, Mass., and SSB Community Bancorp in Spencer, Mass., have agreed to merge their mutual holding companies.
PeoplesBancorp is the MHC for the $4.2 billion-asset PeoplesBank, while SSB Community Bancorp is the parent of the $1.6 billion-asset Cornerstone Bank. The banks expect to operate independently, under separate names and brands “for the foreseeable future,” they said in a press release.
“Our focus is on the continued success of the bank and the best interests of our customers and communities,” PeoplesBank said in a statement on its website. “The decision to merge holding companies comes after much due diligence and dialogue.”