Stoneham Branch is opening its first branch since 1974. Photo Courtesy of StonehamBank

StonehamBank is opening a branch at 25 Main Street in North Reading, the bank’s first new location since 1976.

“Opening a new branch for the first time in 50 years is a proud and exciting moment for StonehamBank,” President and CEO Edward F. Doherty Jr. said in a statement. “As we continue to grow, we remain grounded in what has always defined us – personal service, trusted relationships and a genuine commitment to the communities we serve. We are thrilled to become part of North Reading and look forward to serving local individuals, families and businesses with the responsiveness, care and local expertise they deserve.”

StonehamBank’s main offices are located in Stoneham, and its only other branch is in Billerica.

The choice to open a branch in North Reading is due to the town’s “strong local character, vibrant business landscape, welcoming neighborhoods and commitment to education and civic life,” the bank said in a statement.

The bank has $902.8 million in assets and $749.7 million in total deposits, according to FDIC data. StonehamBank is also holding a special meeting on June 25 as it seeks to potentially reorganize from a mutual bank to a mutual holding company structure.