Hometown Financial Group in Easthampton, Mass., has agreed to buy Millbury Savings Bank in Massachusetts.
The $2.4 billion-asset Hometown said in a press release Wednesday that the $228 million-asset Millbury would be merged into its bankHometown unit. After the deal closes, bankHometown will have $1 billion in assets and 15 branches in central Massachusetts and northeastern Connecticut.
The deal is expected to close in the fourth quarter.
"This merger will expand our presence into the Worcester and Millbury markets and will add a team of talented bankers,” Matthew Sosik, Hometown’s president and CEO, said in the release.
Robert Morton, Millbury’s president and CEO, will have the same titles at bankHometown. Five members of Millbury’s board of trustees will become bankHometown directors.
Hometown closed its purchase of Pilgrim Bancshares on Jan. 31. It also has a pending deal for Abington Bank that is expected to close in the second quarter.
Luse Gorman advised bankHometown. Bowditch & Dewey advised Millbury.
