Salem Five Cents Savings Bank is acquiring the $262 million-asset Heritage Cooperative Saving Bank in Salem, Mass.
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The deal, announced last week, is expected to close in the first quarter. It would occur alongside the $1.9 billion-asset Salem Five's reorganization, which would create a new mutual holding company called Salem Five Bancorp.
Since the deal is a pooling-of-interest transaction, no money or stock would be issued; Heritage's depositors would become depositors of Salem Five Cents and would get a stake in it.
Salem Five has 14 branches; buying Heritage would give it five more in markets where it already operates.
