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Norwood Bank has completed its acquisition of Foxboro Federal Savings, the fourth Massachusetts bank merger to close in less than five months.
The two banks completed the transaction on Dec. 2 and went through the system conversion over the weekend, according to Norwood Bank’s website.
The deal moves Norwood Bank, a state-chartered cooperative mutual bank, closer to having $1 billion in assets. Foxboro Federal Savings had $199.4 million in assets as of Sept. 30 and $175.7 million in deposits, according to FDIC data. Norwood Bank had $645.6 million in total assets at the end of the third quarter and $533.7 million in deposits.
The acquisition gives Norwood Bank four branches: the Norwood location, which is now the headquarters for the combined bank, and Foxboro Federal Savings’ three branches in Foxboro, Plainville and Norfolk.
In a message on the bank’s website, Norwood Bank President and CEO John Galvani said the two community banks had “very similar histories, visions and cultures.”
“The goal is to create one larger, stronger community bank – with an expanded branch footprint and more resources to serve you better,” Galvani said in the message. “This merger will enable us to stay ahead of a rapidly changing banking industry, remain competitive, and allow us to better invest in our people, technology, products, and services.”
Galvani added that the combined bank would soon have a new name and branding.
Foxboro Federal Savings’ president, Dennis Parente, planned to retire and become a board member of the combined bank, according to the bank’s July announcement of the merger agreement.
This merger joins other recent Massachusetts bank deals, including East Cambridge Savings Bank’s August merger with Woburn-based Patriot Community Bank; Cambridge Trust’s acquisition of Northmark Bank, which closed in October; and the October merger of Hometown Financial Group’s Abington Bank with Randolph-based Envision Bank.
Another deal involves Brookline Bank’s parent company, Brookline Bancorp, which is waiting for approval to acquire a New York bank, Yorktown Heights-based PCSB Bank, and operate it as a separate entity.
