Marlborough Savings Bank and North Middlesex Savings Bank announced yesterday that the two banks will merge in a deal expected to close in the fourth quarter this year.

The combined bank will have assets close to $1 billion, $95 million in equity and a network of 14 branches. In a statement, the banks said they expect to retain all their current employees through the merger. The new bank will announce its name in the fourth quarter, when the merger is expected to be complete.

“Banking is a people business. Our steadfast commitment to exceptional customer service is built by our teams of dedicated employees. This merger will provide them additional opportunities and teammates to better serve our customers and continue our joint tradition of easy access to decision makers,” Richard K. Bennett, president and CEO of Marlborough Savings Bank, said in a statement.

“The two banks are vibrant and strong, but we will be stronger together. This new venture will let us provide customers with the best products, convenience and exceptional service from people they know and trust. We are deeply committed to the principles of mutual savings banks, which are accountable to their customers and by joining forces, we are ensuring the longevity of hometown banks who are deeply rooted in their communities,” Walter J. Dwyer IV, president and CEO of North Middlesex Savings Bank, said in a statement.

Bennett will become CEO of the combined bank and its holding companies, and Dwyer will become its president. The boards of directors of the combined bank and its holding companies will consist of eight directors from Marlborough Savings Bank and seven directors from North Middlesex Savings Bank.

Both banks’ charitable foundations will also merge in the deal.

The merger is awaiting approval by regulators and both banks’ corporators.

Marlborough Savings, North Middlesex Savings To Merge In Q4

by Banker & Tradesman time to read: 1 min