River Run Bancorp in Newburyport, Mass., is planning to merge with Rollstone Bancorp in Fitchburg, Mass.
The $2.6 billion-asset River Run said in a press release it plans to absorb the $900 million-asset Rollstone in the first half of next year. The mutuals did not disclose the merger’s terms.
“As community banks face challenges that could impact their long-term sustainability, River Run provides the structure for them to not only survive but thrive,” Lloyd Hamm, River Run’s president and CEO, said in the release.
Rollstone will continue to operate as one of three banks owned by River Run. The others are Newburyport Bank and Pentucket Bank.
Four Rollstone directors will join River Run’s board. Martin Connors Jr., Rollstone’s president and CEO, will retire in mid-2025 but will serve a two-year term as executive chairman of Rollstone Bank’s board. He will also become River Run’s vice chairman.
Mary Beth Jokela, Rollstone’s chief operating officer, will become Rollstone’s president.