Hometown Financial Group and its subsidiary Pilgrim Bank have completed their merger with Abington Bank.

The combined entity will operate under the Pilgrim Bank brand and have approximately $600 million in assets and six branches in Abington, Holbrook, Avon, Cohasset and Marion.

Andrew J. Raczka, the former president and CEO of Abington Bank, will be president and CEO of the new Pilgrim Bank, and will step into the new role of president of Hometown Financial Group. Raczka and Paul Sullivan, former chairman of the board of Abington Bank, will also join the Hometown Financial Group’s board of directors.

Hometown Financial Group has two other subsidiaries in addition to Pilgrim Bank including Easthampton-based bankESB and Oxford-based bankHometown. The banks operate independently, but all share resources such as human resources, marketing, facilities management, asset/liability management, investment management, compliance and information technology under a holding company model.

The completion of the acquisition of Abington Bank is part of a buying spree by Hometown Financial that began last September when Hometown acquired Pilgrim Bank in an all-cash transaction valued at $54 million. A week after closing that transaction in February, Hometown announced it would also buy Abington Bank for an undisclosed amount and merge it into Pilgrim.

“Pilgrim Bank was our entry point into the eastern Massachusetts market,” Matthew S. Sosik, CEO of Hometown Financial Group, said in a statement when the acquisition was announced. “From the start, we knew that finding the right mutual partner would be the key to our success with our acquisition of Pilgrim Bancshares Inc. We are very excited about our partnership with Abington Bank.”

But the company didn’t stop with Abington Bank.

Hometown Financial Group also announced in February that it would buy Millbury Savings Bank and merge it into bankHometown to create a $1 billion bank subsidiary with 15 branches in Worcester County, Massachusetts and Windham County, Connecticut. The closing is expected in the fourth quarter of 2019.

Following the closing of Millbury, Hometown Financial Group will have approximately $3 billion in assets and operate 32 branch locations south of Boston, in Central Massachusetts, in Western Massachusetts and stretching all the way into Connecticut.

Pilgrim Bank Completes Merger With Abington Bank

by Bram Berkowitz time to read: 1 min
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