Two of the three community banks in Fall River, Mass., are planning to combine.
The $694.7 million-asset Citizens-Union Savings Bank announced a deal Monday to acquire the $163 million-asset Bank of Fall River. The combined mutual savings bank would have about $861 million in assets, edging out the $700.2 million-asset Bank Five, the other bank based in the city.
The companies did not disclose the terms of the deal, which is expected to close by the end of 2010, subject to regulatory approval. The boards of directors of both banks voted Sunday to approve the deal.
The combined institution would have $680 million in deposits and 250 employees working at 14 branches throughout southeastern Massachusetts.
None of Bank of Fall River's four branches will close as a result of the merger, and no jobs are expected to be cut, according to a press release. The branches will be rebranded as Citizens-Union offices.
Citizens-Union president Nicholas Christ would remain as president. The company said Bank of Fall River president John Clifford decided not to join the combined institution.
This is the first acquisition for Citizens-Union, which was founded in neighboring Tiverton, R.I., in 1851. Bank of Fall River was founded in 1888, and the banks have more than 281 years of experience between them.
Both banks are healthy, with few problem loans and more than enough capital to meet regulatory requirements.