Photo by James Sanna | Banker & Tradesman Staff / File

Banking regulators have given the nod to Rollstone Bank & Trust in its effort to join River Run Bancorp, a two-bank mutual holding company in the Merrimack Valley.

River Run was formed in 2023 when Newburyport Bank and Pentucket Bank merged their mutual holding companies. The combined banks today have $2.7 billion in assets and $2.1 billion in deposits.

Rollstone, based in Fitchburg, brings $930 million in assets and $720 million in deposits to the marriage. The deal was announced in October.

As with its now-peers, Rollstone will continue to operate under its existing brand and retain its existing headquarters, boards of directors and leadership teams. However, two names at the top will be changing their titles.

The merger coincides with the planned retirement of longtime President and CEO Martin F. Connors Jr., and the ascension of current COO Mary Beth Jokela to take his place. Connors will remain as executive chairman of the Rollstone board and vice chair of the River Run board.

“This is a proud day for RBT and a win for our customers and community,” Connors said in a statement. “By joining forces with like-minded institutions under the River Run umbrella, we are preserving our mutuality and enhancing our capacity to serve well into the future.”

The move also means River Run’s two other banks will gain access to Rollstone’s wealth management and trust services division, something River Run called a “key differentiator” in its announcement.

“The River Run partnership means more resources, broader expertise, and greater opportunity—all while continuing to put our customers and communities first,” Jokela said in a statement.