North Shore Bank in Peabody, Mass., has agreed to merge with Merrimac Savings Bank in Massachusetts.
The $670 million-asset North Shore and the $73 million-asset Merrimac are both mutual thrifts. Financial terms were not disclosed. The deal is expected to close in the fourth quarter, pending approval from regulators, the directors of North Shore and certain designated members known as "corporators" of Merrimac.
The combined company will operate under the North Shore name and will operate 11 branches in Massachusetts and one in New Hampshire.
North Shore last year merged with Saugusbank in Saugus, Mass.
FinPro Capital Advisors was financial adviser to North Shore and Nutter, McClennen & Fish was the bank's legal adviser. Bowditch & Dewey was legal adviser to Merrimac.