Hometown Financial Group, Inc. Completes Merger of Abington Bank and Pilgrim Bank

Easthampton, Massachusetts and Abington, Massachusetts – Andrew J. Raczka, President and CEO of Abington Bank, announced today that the merger of Abington Bank and Pilgrim Bank was completed at the close of business on May 17th.  The combined bank, with approximately $600 million in assets, will operate as an independent, wholly-owned subsidiary of Hometown Financial Group, Inc. with six branches serving the communities of Abington, Holbrook, Avon, Cohasset and Marion.

Raczka will continue to serve as President and CEO of the combined bank in addition to his new role as President of Hometown Financial Group.  Raczka and Paul Sullivan, Chairman of the Board of Abington Bank, will also join the Board of Directors of Hometown Financial Group.

Hometown Financial Group also announced in February that Millbury Savings Bank will join forces with bankHometown to create a $1 billion bank with 15 branches in Worcester County, Massachusetts and Windham County, Connecticut.  The closing is expected in the fourth quarter of 2019.  Following the closing, Hometown Financial Group will have approximately $3 billion in assets and operate 32 branch locations.

Banks in the Hometown Financial Group family operate independently with their own identity, management teams and boards of directors.  Under this multi-bank holding company structure, member banks realize synergies by sharing various management and support resources in areas such as human resources, marketing, facilities, asset/liability management, investment management, information technology and compliance.

bankHometown and Millbury Savings Bank to merge creating a $1 billion community bank with 15 offices

Oxford and Millbury, Massachusetts – Matthew S. Sosik, President and CEO of bankHometown, and Robert J. Morton, President and CEO of Millbury Savings Bank, announced today that the banks have signed an agreement to merge operations under the bankHometown name. The combined bank will have approximately $1 billion in assets and 15 branch offices located throughout central Massachusetts and northeastern Connecticut.

Abington Bank will merge with Pilgrim Bank to create a $600 million community bank with six offices serving eastern Massachusetts

Abington, Massachusetts - Andrew Raczka, CEO of Abington Bank, announced today that Abington Bank will merge with Pilgrim Bank, a member of the Hometown Financial Group, MHC. The transaction is expected to close in the second quarter of this year.  Raczka will lead the merged bank as its CEO.

“We are thrilled to join forces with Pilgrim Bank,” said Raczka. “Our combined resources and expanded branch network will enable us to better serve customers in Plymouth and Norfolk counties.  We will have the size and scale needed to be a meaningful player in this market and be able to offer the products and services our customers need with the local commitment they deserve.  This transaction will allow us to truly set ourselves apart from the competition.”

Hometown Financial Group to Acquire Pilgrim Bancshares

Easthampton, Massachusetts and Cohasset, Massachusetts - Hometown Financial Group, Inc. the holding company for bankESB (Easthampton, MA) and bankHometown (Oxford, MA), and Pilgrim Bancshares, Inc. (OTC: PLRM) have jointly announced today that they have entered into a definitive merger agreement in which Hometown Financial Group, Inc. will acquire Pilgrim Bancshares, Inc. Pilgrim Bancshares is the parent company of Pilgrim Bank, a $263 million Massachusetts-chartered cooperative bank with branches located in the Massachusetts communities of Cohasset and Marion. 

Easthampton Savings Bank to partner with Hometown Bank

Easthampton, MA and Oxford, MA - Easthampton Savings Bank, the wholly-owned subsidiary of ESB Bancorp, Inc., (ESB) and Hometown Bank, the wholly-owned subsidiary of Hometown Community Bancorp, Inc., jointly announced today that they will form a strategic partnership through the merger of their holding companies.  After this transaction is completed, the combined mutual holding company will have over $1.7 billion in assets and over $180 million in equity capital with a branch network of 23 offices located throughout central and western Massachusetts and northeast Connecticut.  This announcement follows ESB’s 2015 acquisition of the Citizens National Bank in Putnam, CT, and continues a well-constructed growth plan. The two banks will merge mutual holding companies, but will continue to run their banks independently and autonomously.