Greenfield Cooperative Bank in Greenfield, Mass., and Northampton Cooperative Bank in Northampton, Mass., have received regulatory approval to merge.
The banks said in a press release Thursday that the Federal Reserve Board and the Massachusetts Division of Banks had signed off on a merger that will create an institution with 10 branches and more than $500 million in assets. The merger is expected to close on April 1.
The merged bank will operate as a unit of Greenfield Bancorp, though branches open and planned in Hampshire County will have the Northampton brand.
"There will be absolutely no layoffs or office closings as a result of this cooperative merger," Michael Tucker, Greenfield's president and chief executive, said in the release. "As an independent, mutual institution, we take pride in making decisions that reflect a long-term viewpoint and, accordingly, we will work diligently to ensure that this new, local community bank is here for the next century of service to our marketplace."