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The merger and acquisition market continued to be active, and some major deals were made in 2025.
There are currently 88 state-chartered institutions according to FDIC data a 3.4 percent drop from 2024 when there were 85 and a 29.8 percent drop from 2015 when there were 121.
Here are the deals that had the largest impact in terms of deposit share in 2025.
Eastern Bank – HarborOne Bank
Eastern Bank continued its recent trend of acquiring intuitions with its acquisition of HarborOne Bank that was announced in April of 2025 and was completed in November.
“This partnership will create a $30 billion locally-based, community-focused organization that bolsters Eastern’s leading presence in Greater Boston and expands our branch network into Rhode Island,” Eastern Bank Executive Chair Bob Rivers said in a statement when the deal was announced. “We look forward to leveraging the combination of our organizations to add greater value for our colleagues, customers, community partners and shareholders.”
The acquisition caught the attention of activist investor HoldCo Asset Management, which reportedly has a 3 percent stake in the bank was pushing for the company to sell and caught national headlines with its effort. This is the second straight year that Eastern had acquired an institution with the bank having acquired Cambridge Trust in 2024.
Rockland Trust – Enterprise Bank
Eastern Bank’s traditional local rival Rockland Trust gained a major presence in the New Hampshire market with its acquisition of Enterprise Bank.
Rockland completed the deal in July, with Enterprise shareholders receiving 7.5 million shares of stock in its holding company and approximately $25.8 million in cash.
“Both institutions believe that banking is about making a meaningful, positive difference in the lives of local families and businesses,” Rockland Trust President and CEO Jeffrey Tengel said in a statement a the time. “We look forward to extending Rockland Trust’s footprint in northern Massachusetts, as well as entering the New Hampshire market. Together, our combined institution will bring expanded convenience and additional products and services to the communities we are proud to serve.”
Berkshire Bank – Brookline Bank
Berkshire Bank and Brookline Bank have become the combined institution called Beacon Bank & Trust, or Beacon Bank for short. The new bank also consolidates Brookline Bank’s Brookline Bancorp siblings, Bank Rhode Island and PCSB Bank, into the same, state-chartered, Massachusetts institution. The entities are currently operate under their existing names until the banking systems integration occurs in February of 2026.
“Today marks a transformational milestone in the history of two storied institutions with a strong commitment to serving their clients and communities,” current Berkshire President and CEO Nitin Mhatre said in a statement at the time the deal was announced. “The combined organization will be in an even stronger position to deliver exceptional client experience and create greater value for shareholders.”
The deal helped Berkshire continue to compete against Eastern Bank and Rockland Trust. Berkshire reported a third-quarter net income of $37.5 million and boasts $11.6 billion in assets. Brookline Bancorp announced net income and operating earnings after tax of $20.1 million in the third quarter along with $11.7 billion in assets.
Bluestone Bank – Cape Cod 5
Mutual banks weren’t left out of 2025’s merger scene, either
Cape Cod 5 and Bluestone Bank agreed to combine their holding companies, making Mutual Bancorp the biggest mutual holding company in Massachusetts once the deal is completed.
The October deal will create a combined entity that has branches in Cape Cod, Central Massachusetts and Boston’s southern suburbs. Leominster-based Fidelity Bank is also part of Mutual Bancorp.
“Our teams have worked together to build a thoughtful structure that allows our banks to benefit from shared strength and resources while maintaining their deep local roots,” Matt Burke, chairman and CEO of Mutual Bancorp and CEO of Hyannis-based Cape Cod 5, said in a statement when the deal was announced. “Welcoming Bluestone into our family of banks reinforces that vision and positions all of our banks for continued growth, innovation and long-term success. Together, we are stronger and better equipped to serve our clients and communities, and to continue to invest in the growth of our colleagues.”
The deal is the fourth mutual holding company merger in Massachusetts this year after Holyoke-based PeoplesBank and Worcester-based Cornerstone Bank completed their merger in February, North Adams-based MountainOne Bank and Taunton-based Mechanics Cooperative Bank merged their holding companies this month and Fitchburg-based Rollstone Bank was cleared in July to merge its holding company with River Run Bancorp, which represents Haverhill-based Pentucket Bank and Newburyport Bank.
Needham Bank – BankProv
Needham Bank gained some valuable commercial real estate relationships with its acquisition of BankProv in November.
The combined organization will operate 18 branches across Massachusetts and Southern New Hampshire and will have approximately $7.1 billion in assets, including $6.1 billion in total loans, plus $5.9 billion in total deposits.
“This merger allows Needham Bank to expand into attractive market areas on the Massachusetts North Shore and in Southern New Hampshire where we already have a concentration of business clients. While we have a strong record of organic growth, this merger allows us to further leverage the capital we raised in late 2023 and continue to grow and expand our existing client base with branches in new markets,” Needham Bank Chairman, President and CEO Joseph Campanelli said in a statement when the deal was announced.
