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Hometown Financial Group has received all necessary regulatory approvals and completed its acquisition of Cohasset-based Pilgrim Bank.
The Western Massachusetts holding company made the announcement in a recent regulatory filing and said it expected the actual transaction to be complete on or about Jan. 31.
Hometown Financial Group announced last July that it would purchase the parent company of Pilgrim Bank for $23 per share in cash in a deal valued at nearly $54 million. The transaction tagged Pilgrim Bank at 151 percent tangible book value.
Hometown Financial is a holding company that allows its subsidiaries to operate independently in their respective markets. The company owns Easthampton-based bankESB and Oxford-based bankHometown. With the acquisition of the $263 million asset Pilgrim Bank and its three branches, Hometown Financial will collectively have $2.4 billion in assets and 26 branches.
Pilgrim Bank went public in 2014 along with Melrose Bank, East Boston Savings Bank and Blue Hills Bank.
As part of the deal, Pilgrim’s President and CEO Francis Campbell will retire. He signed a settlement, consulting and non-competition agreement with Hometown Financial Group that will earn him close to $888,000 in lump sum cash payments, according to regulatory filings. For six months following the merger, Campbell will also be available for consulting services at $150 per hour.
