Two small mutual thrifts in Massachusetts said last week that they plan to merge — the sixth such deal to be announced in four months.
The Institution for Savings in Newburyport, which has $554 million of assets, is to absorb Ipswich Co-operative Bank in Ipswich, which has $239 million of assets. The combination would take Institution for Savings up to five branches.
Because both companies are mutuals, no money would change hands in the deal.
Mark Welch would remain the president and chief executive officer at Institution for Savings. Michael Jones, the president and CEO at Ipswich Co-operative, would become the post-merger thrift's executive vice president and chief operating officer.
"We are not striving to become a big bank — rather, we want to continue to be a great bank," Mr. Welch said in a press release. "This union is very much about two financially strong and profitable mutual banks deciding that we can better serve the financial needs of our customers and our communities together rather than separately. It's that simple."
The merger, announced Feb. 7, is expected to close about July 1.
