North Shore Bank and Beverly Bank have merged as of Tuesday. After system consolidation, scheduled for March 2020, the Beverly Bank branches will be rebranded as North Shore Bank.

Kevin Tierney Sr. will continue as CEO of Peabody-based North Shore Bank and its parent, North Shore Bancorp. Beverly Bank president and CEO Michael Wheeler has assumed the roles of president and chief operating officer.

Tierney said in a statement that the merger made sense for both banks.

“It brings together two well-respected and like-minded community banks that share a rich history and legacy for serving the financial and philanthropic needs of its customers, employees and the greater community,” Tierney said. “More importantly, combining our institutions provides us with the necessary scale that allows us to more effectively compete in what is an extremely competitive marketplace.”

With the addition of Beverly Bank, North Shore Bank’s total assets exceed $1.4 billion. It operates 18 branches in Massachusetts and southern New Hampshire. With the completion of the merger, customers of both banks have access to new products and services, including an expansion of business banking capabilities and residential mortgage lending.

“We’re extremely excited to partner with North Shore Bank,” Wheeler said in a statement. “While bringing the two organizations together, we’ve concentrated our efforts on identifying and implementing the best of both banks – a strategy that we believe will ultimately prove highly beneficial to the combined customer base.”