North Shore Bank and Saugusbank announced the two co-operative banks will merge.

The merger should be complete by the fall. As North Shore Bank, the combined institutions will continue to maintain co-operative bank status.

As part of the agreement, North Shore President and CEO David J. LaFlamme will serve as CEO of North Shore Bank and its parent North Shore Bancorp. Saugusbank President and CEO, Kevin M. Tierney Sr. will assume the role of president and COO of both the bank and the larger company.

Upon completion of the merger, North Shore Bank will grow to almost $700 million in assets and will operate out of 11 full-service locations throughout the North Shore. According to a news release, there will be no layoffs as a result of the merger.

"The merger agreement has been approved by both boards of directors – two groups who share the same commitment to exemplary customer service," LaFlamme said in a statement. "Kevin Tierney and I will work with the existing management teams to bring together our two banks – in the process creating long-term benefits for our customers, employees and the communities that we serve."

The merger is subject to approval by North Shore Bancorp corporators, Saugusbank depositors, the Federal Deposit Insurance Corporation (FDIC) and the Massachusetts Division of Banks.

North Shore Bank, established in 1888, is a full-service community bank based in Peabody. The bank is a wholly owned subsidiary of North Shore Bancorp and has eight branches located in the North Shore, including Beverly, Danvers, Middleton, Peabody, and Salem.

Saugusbank is an independent, full-service community bank with three branches and a loan center in Saugus and over $200 million in assets. Founded in 1911, the organization offers a wide variety of loan and deposit products that cater to the individual and business needs of Saugus and its surrounding communities.