Adams Community Bank in Adams, Mass., and Pittsfield Cooperative Bank in Pittsfield, Mass., are planning to merge.
The mutuals said in a press release that they will create a $1.5 billion-asset institution with 15 branches that will operate under Adams Community’s mutual holding company. Pittsfield Cooperative has $430 million of assets, while Adams Community has $1 billion of assets.
“This milestone marks an important step forward for both of our institutions,” Julie Fallon Hughes, Adams Community’s CEO, said in the release. “It reflects the shared values that have guided both our banks for generations and the trust our customers place in us every day.”
Nutter McClellan & Fish advised Adams Community, while Luse Gorman advised Pittsfield Cooperative. Piper Sandler provided strategic consulting for both mutuals.