Danversbank in Danvers, Mass., is acquiring BankMalden, a one-branch savings bank in nearby Malden.
BankMalden has $50 million of assets and $50 million of deposits. Its branch would be merged into Danversbank, a unit of the $1.3 billion-asset Danvers Bancorp Inc.
The deal between the two privately held thrifts was announced Nov. 27. As a "mutual-to-mutual merger," it does not involve any cash changing hands, said Mike McCurdy, BankMalden's president and chief executive officer.
Mr. McCurdy said he would stay on as a senior vice president. He would be working closely with Jim McCarthy, Danversbank's chief operating officer.
Danversbank has 13 branches in the suburbs north of Boston and plans to open another in Saugus next year, its president and CEO, Kevin T. Bottomley, said in a news release.
BankMalden was founded in 1925 as Telephone Workers Cooperative Bank. It shortened the name to TeleCom Cooperative Bank in 1997 and renamed itself BankMalden in 2004.
The deal is expected to close next quarter.
