SPENCER, Mass. and SOUTHBRIDGE, Mass., May 23, 2016 /PRNewswire/ -- SpencerBANK, the wholly-owned subsidiary of Spencer MHC and Southbridge Savings Bank, the wholly-owned subsidiary of Green Valley Bancorp, MHC, have agreed to combine their two mutual holding companies under the name SSB Community Bancorp MHC. The merger has been approved by the Board of Trustees of each bank's parent mutual holding company and by the Corporators of each mutual holding company, and has received the required regulatory approvals. Spencer Mid-tier Holding Company and Green Valley Bancorp, Inc., the subsidiary mid-tier holding companies of Spencer MHC and Green Valley Bancorp, MHC, respectively, will also combine under the name SSB Community Bancorp Inc. in connection with the merger. The merger is expected to be completed on May 31, 2016.
The combined mutual holding company will have over $1 billion in total consolidated assets and $108 million in equity capital and will represent a branch network of 15 offices located throughout Central Massachusetts.
This merger represents a strong financial, strategic and cultural fit, and bolsters both banks' presence in the marketplace while allowing each to operate independently under their own names.
The two banks will continue to remain separate, independent entities. Mr. Robbins will serve as the Chairman and CEO of the combined mutual holding company while Mr. Tallman will serve as President and Treasurer. Both Messrs. Robbins and Tallman will continue as President and CEO of their respective banks.
"Our banks' business and service goals have always been very similar," said K. Michael Robbins, President and CEO of SpencerBANK. "We are confident that this partnership will enable us to more thoroughly serve our customers."
"Each bank brings complementary products and services," said Todd M. Tallman, President and CEO of Southbridge Savings Bank. "This partnership will provide us the ability to offer a broader range of services and depth of knowledge to our communities."
Founded in 1871, SpencerBANK is an independent, mutual savings bank serving the residents, businesses, and communities of central Massachusetts from offices in Spencer, Leicester, Rutland, Warren, and Worcester. Deposits are insured in full by a combination of the Federal Deposit Insurance Corporation and the Depositors Insurance Fund. The Bank is an Equal Opportunity Employer, Equal Housing Lender, and SBA Preferred Lender. For more information, visit online at spencerbankonline.com, on Facebook or call 800-547-2885.
Southbridge Savings Bank:
Southbridge Savings Bank, founded in 1848, currently has nine convenient locations located throughout Central Massachusetts to meet your personal and business needs, with their customer service center and one of their branches open seven days a week. For more information about Southbridge Savings Bank or any of its products and services, please call 1-800-939-9103 or visit the website at www.southbridgesavingsbank.com.
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SOURCE SpencerBANK, Southbridge Savings Bank