Assabet Valley Bancorp of Hudson, Mass., said Tuesday that it has agreed to buy Westborough Bancorp in Westborough, Mass., for about $20 million in cash.
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Both are mutual holding companies. Assabet's $655 million-asset Hudson Savings Bank, which has five branches, and Westborough's $300 million-asset Westborough Bank, which has four branches, are to be combined under a new name, said Mark O'Connell, Hudson Savings' president and chief executive officer.
Mr. O'Connell would become the president and CEO of the combined bank, whose name is still being developed, he said. The holding company is to retain the Assabet name.
The deal is expected to close in the spring.
