SPENCER, Mass. and SOUTHBRIDGE, Mass., Oct. 28, 2015 /PRNewswire/ -- SpencerBANK, the wholly-owned subsidiary of Spencer MHC and Southbridge Savings Bank, the wholly-owned subsidiary of Green Valley Bancorp MHC, announced that they have agreed to combine their two mutual holding companies. The two banks will continue to remain separate, independent entities.
After this merger, the combined mutual holding company will have close to $1 billion in assets and $108 million in equity and 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.
Combined, SpencerBANK and Southbridge Savings Bank have served their communities for over 300 years. Customers will continue to be serviced by the same friendly, courteous and knowledgeable staff at the same convenient locations and will not experience any change as a result of the merger.
"This is a merger of equals as both of our institutions are strong, highly-respected institutions with comparable assets," said K. Michael Robbins, President and CEO of SpencerBANK. "We are very similar in culture and take pride in our long traditions of outstanding customer service and community involvement."
"We are pleased to announce this strategic partnership that will expand resources to the people and businesses in our area by a local team. We will continue to create superior, lasting banking relationships with the primary purpose of making customers more successful. This merger will also expand bank deposit and lending capabilities, allowing us to be more competitive in our market," said Todd M. Tallman, President and CEO of Southbridge Savings Bank.
Mr. Robbins will serve as the Chairman and CEO of the merged companies while Mr. Tallman will serve as President and Treasurer. Both Messrs. Robbins and Tallman will continue as President and CEO of their respective banks.
The proposed merger has been approved by the Boards of Directors of the mutual holding companies of SpencerBANK and Southbridge Savings Bank. The merger is subject to regulatory approvals, approval by both banks' Corporators, and is expected to close in the second quarter of 2016.
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.
SOURCE SpencerBANK; Southbridge Savings Bank