Hometown Financial Group in Peabody, Mass., has agreed to buy CFSB Bancorp in Quincy, Mass.
The $6.6 billion-asset Hometown said in a press release that it will pay $44 million in cash for the $366 million-asset parent of Colonial Federal Savings Bank. The deal is expected to close in the fourth quarter.
“This merger will increase our presence in eastern Massachusetts, and we’re eager to share the power and resources of Hometown … and North Shore Bank with the employees and customers of Colonial Federal,” Matthew Sosik, Hometown’s chairman and CEO, said in the release.
Kilpatrick Townsend & Stockton advised Hometown Financial Group. Piper Sandler and Luse Gorman advised CFSB.