Hometown Financial Group is not wasting any time.

A week after completing its nearly $54 million acquisition of Cohasset-based Pilgrim Bank, the mutual holding company has already announced another merger – the company said yesterday it will acquire Abington Bank for an undisclosed amount and merge it into Pilgrim Bank.

Hometown Financial Group has three subsidiaries including Easthampton-based bankESB and Oxford-based bankHometown. The banks operate independently, but all share resources such as human resources, marketing, facilities management, asset/liability management, investment management, compliance and information technology under a holding company model.

“Pilgrim Bank was our entry point into the eastern Massachusetts market,” Matthew S. Sosik, president and CEO of Hometown Financial Group, said in a statement. “From the start, we knew that finding the right mutual partner would be the key to our success with our acquisition of Pilgrim Bancshares, Inc. We are very excited about our partnership with Abington Bank.”

Under the terms of the deal, the $315 million asset Abington Bank will merge into the $263 million asset Pilgrim Bank, creating an entity that is more than $575 million. The bank will be headquartered in Abington and both Abington Bank and Pilgrim Bank will maintain their brand names. Each of the bank’s three branches will remain open.

The merger brings assets at Hometown Financial Group up to $2.7 billion and gives the holding company a total of 30 branches across Massachusetts and northeastern Connecticut.

Mergers are nothing new for Abington Bank.

The bank merged with Holbrook Co-operative Bank in November of 2016 and then six months later announced a second merger with Avon Co-operative Bank.

“It is difficult and expensive to operate a small bank today. Our previous transactions allowed us to increase our market share and become more efficient,” Andrew Raczka, CEO of Abington Bank, said in a statement. “Those mergers created significant value for our customers, our employees and our communities. Now, we will become even stronger and more relevant by merging with Pilgrim Bank.”

As part of the deal, Raczka will become president of Hometown Financial Group and lead the merged Abington and Pilgrim Bank as CEO. When Hometown Financial Group acquired Pilgrim Bank, which converted from a stock bank back into a mutual bank, Pilgrim’s original President and CEO Francis Campbell retired.

Customer impact is expected to be minimal as Abington and Pilgrim share the same core data processor.