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Hometown Financial Group Acquires Pilgrim Bancshares

Sep 10, 2018 | Reprints | Unlock Link

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Hometown Financial Group Inc., the holding company for bankESB of Easthampton and bankHometown of Oxford, has acquired Pilgrim Bancshares Inc.

Pilgrim Bancshares is the parent company of Pilgrim Bank, which has $263 million in assets and branches in Cohasset and Marion.

Under the terms of the agreement, shareholders of Pilgrim Bancshares will receive $23.00 in cash per share. The entire transaction is worth about $53.9 million. The transaction is expected to close in the first quarter of 2019, Hometown Financial Group said in a statement.

This is Hometown Financial Group’s third strategic merger in the last three years; in 2015, the company acquired Citizens National Bancorp. Inc. in Putnam, Connecticut, and then merged with ESB Bancorp. in the same year. The company also merged with Hometown Community Bankcorp. in 2016. This merger gives Hometown Financial Group franchise banks headquartered in each of the three major regions of Massachusetts.

B&T Daily