
Cornerstone Bank CEO Todd Tallman, left, poses for a photo with PeoplesBank CEO Thomas Senecal to mark the two banks' mutual holding company merger announcement in June 2024. Photo courtesy of PeoplesBank
PeoplesBank and Cornerstone Bank say they have completed the merger of their holding companies and will now operate under PeoplesBancorp MHC. The holding company will have over $6 billion in assets.
The two banks will continue to operate independently under their own names and brands, the banks said in an announcement Monday.
Thomas Senecal remains CEO and chairman of PeoplesBancorp MHC, but Cornerstone Bank CEO Todd Tallman has become president of the combined holding company, and PeolesBank President Brian Canina has become the chief operating officer of PeoplesBancorp MHC.
“The banking industry is shrinking while becoming more competitive,” Senecal said in a statement. “And asset size matters for scalability. This new relationship means that with our mutual charter, we will realize a new ability to efficiently compete, as well as attract and retain the highest-quality associates, while also continuing to invest in our communities.”
With the merger, the combined mutual holding company now span across western and central Massachusetts along with northern Connecticut.
“This merger was always about the people—not only our employees but also the community,” Tallman said in a statement. “It provides an immense opportunity to invest in people, communities, technology, and, of course, growth.”