East Cambridge Savings Bank has completed its acquisition of Woburn-based Patriot Community Bank.
The bank said in a statement that the transaction was completed effective today. East Cambridge Savings now has $1.6 billion in assets following the acquisition of Patriot Community Bank, which had about $200 million in assets.
The merger expands the bank’s footprint into Woburn. Patriot Community Bank’s one location at 237 Lexington St. has become East Cambridge Savings Bank’s 11th full-service branch.
“We are incredibly pleased to welcome Patriot Community Bank’s customers and employees to East Cambridge Savings Bank,” Gilda M. Nogueira, president and CEO of East Cambridge Savings Bank, said in the statement. “As we complete this merger process, we look forward to becoming an integral member of the Woburn community by meeting the needs of area residents, community service organizations and local businesses.”
The bank said it is working on integrating Patriot Community Bank’s customer accounts into its core processing system and expects to complete the systems conversion in the fourth quarter.
“This merger could not have been successfully completed without the hard work and commitment of the many dedicated employees from both banks who have worked together to ensure for a smooth and seamless transition,” Nogueira said. “Throughout the process, the customer was placed front and center on every decision. It has been a great partnership from the start.”