North Shore Bank and Abington Bank Complete Merger

Creates a premier community bank with over $3 billion in assets and 25 branches serving eastern Massachusetts.

EASTHAMPTON AND PEABODY, MASSACHUSETTS — Hometown Financial Group, Inc., the multibank mutual holding company for bankESB, bankHometown, North Shore Bank, and Abington Bank, a division of North Shore Bank, announced today that the merger of Abington Bank with North Shore Bank is complete, and that North Shore Bank has joined the Hometown Financial Group family of banks.

North Shore Bank now has more than $3 billion in assets and 25 full-service retail locations across Massachusetts’ North and South Shore regions and southern New Hampshire. No branch closures or staff reductions took place. As part of the transaction, North Shore Bank has established a new charitable foundation to supplement its existing philanthropic mission.

The branches in the South Shore region will continue to operate under the Abington Bank brand as a division of North Shore Bank, led by Kevin M. Tierney, Sr., Chief Executive Officer of North Shore Bank and President of Hometown Financial Group. Michael R. Wheeler, President and Chief Operating Officer of North Shore Bank also assumed the role of Chief Operating Officer of Hometown Financial Group. The transaction allowed long-time Abington Bank President and CEO Andrew J. Raczka to retire after a more than 40-year career in community banking. Members of the Abington Bank board of directors joined the board of directors of North Shore Bank at closing and the corporators of North Shore Bank joined the corporators of Hometown Financial Group.

“We’re thrilled to welcome North Shore Bank employees and customers into the Hometown Financial Group family,” said Hometown Financial Group CEO Matthew S. Sosik. “This transaction more than doubles our presence in eastern Massachusetts and brings our holding company consolidated assets to $6.5 billion, making us one of the largest mutual holding companies in the country.”

“I look forward to getting to know the Abington Bank customers, employees, and communities in the months ahead now that they have joined North Shore Bank,” said Tierney. “I’m passionate about fulfilling our promise to deliver individualized financial solutions, enhanced smart banking tools and technology, and increased business lending capacity. At the same time, this will enable us to broaden our commitment to giving back to the communities we serve through our new foundation and our charitable giving program, The Giving Tree.”

Customers and consumers in eastern Massachusetts will also benefit from the residential mortgage products and services offered through Hometown Mortgage, an affiliate of Hometown Financial Group. Its mission is to make home financing simple and stress-free by helping potential borrowers unlock the right home financing solution for their unique needs. At the same time, a commitment to community banking and local roots means that Hometown Mortgage can focus on the unique needs of those who live and work in the communities we serve.

With the transaction completed, Hometown Financial Group has consolidated assets of $6.5 billion, more than 700 employees, and a branch network of 52 full-service offices across Massachusetts, northeastern Connecticut, and southern New Hampshire.

“Hometown Financial Group and North Shore Bank’s focus on innovation and technology will help meet the evolving needs of customers by providing greater access to digital banking tools and an expanded branch network,” said Wheeler. “These enhancements will improve the customer experience and make us an even stronger competitor in eastern Massachusetts.”

This transaction is the seventh strategic merger for Hometown Financial Group in the last nine years.

Hometown Financial Group, Inc. Wins 2024 Top Workplaces USA Award

EASTHAMPTON, MASSACHUSETTS — Hometown Financial Group, parent company of bankESB, Abington Bank, and bankHometown, announced today it was named a winner of the 2024 Top Workplaces USA award by Energage.

Top Workplaces USA celebrates organizations with 150 or more employees that are dedicated to building an exceptional people-first culture. Winners are chosen based solely on employee feedback gathered through an anonymous, third-party employee engagement survey, issued by Energage, a leading provider of technology-based employee engagement tools. More than 42,000 organizations across the country were invited to participate in the Top Workplaces USA survey. Results are calculated by comparing the survey’s research-based statements, including 15 Culture Drivers that are proven to predict high performance against industry benchmarks.

“We’re honored to be nationally recognized as an employer of choice for the second time in three years, and especially humbled that this honor resulted from positive feedback from those who know us best:  our employees,” said bankESB President and CEO Matthew S. Sosik. “Every day, I’m inspired by our compassionate, dedicated, and talented group of employees, who demonstrate passion for unlocking the full potential of our customers, our communities, and each other. We try hard to foster a work environment that’s inclusive, innovative, team-oriented, and fun, and this honor proves that our employees believe we’re doing it right.”

“Earning a Top Workplaces award is a badge of honor for companies, especially because it comes authentically from their employees,” said Eric Rubino, Energage CEO. “That's something to be proud of. In today's market, leaders must ensure they’re allowing employees to have a voice and be heard. That's paramount. Top Workplaces do this, and it pays dividends.”

North Shore Bank and Abington Bank to Merge

Will create a $3 billion premier community bank with 25 branches serving eastern Massachusetts.

EASTHAMPTON AND PEABODY, MASSACHUSETTS — Hometown Financial Group, Inc., the holding company for bankESB, bankHometown, and Abington Bank, and North Shore Bancorp, the holding company for North Shore Bank, jointly announced today that the organizations have entered into an agreement in which North Shore Bank will join the Hometown Financial Group family of banks through a merger of Abington Bank into North Shore Bank.

The combined bank will have more than $3 billion in assets and 25 full-service retail locations across Massachusetts’ North and South Shore regions and southern New Hampshire. No branch closures and no staff reductions are anticipated. As part of the transaction, North Shore Bank will establish a new charitable foundation to supplement its existing philanthropic mission.

At closing, the branches in the South Shore region will continue to operate under the Abington Bank brand as a division of North Shore Bank, led by Kevin M. Tierney, Sr., the current chief executive officer of North Shore Bank, who will take on the additional role of president of Hometown Financial Group. Michael R. Wheeler, currently president and chief operating officer of North Shore Bank, will also become the chief operating officer of Hometown Financial Group. This transaction will allow long-time Abington Bank President and CEO Andrew J. Raczka to retire after a long and successful career in community banking. The boards of directors of North Shore Bank and Abington Bank will merge at closing and corporators of North Shore Bank will join corporators of Hometown Financial Group.

“We’re thrilled to welcome North Shore Bank’s customers, employees, and communities to the Hometown Financial Group family of banks,” said Matthew S. Sosik, the chairman and chief executive officer of Hometown Financial Group and president and CEO of bankESB. “This merger will more than double our presence in eastern Massachusetts in terms of locations and assets, so we’re eager to share the significant power and resources of Hometown Financial Group with the employees and customers of North Shore Bank.”

Customers and consumers in eastern Massachusetts also will benefit from the residential mortgage products and services offered through Hometown Mortgage, an affiliate of Hometown Financial Group.

“North Shore Bank is one of the strongest banks in our region, so we are very excited to have them join our growing family of banks,” Sosik added. “Our holding company structure offers the best of both worlds to our customers, employees, and communities. Each bank is deeply rooted in the neighborhoods they call home, so each can harness their own local branding power while leveraging an expansive, best-in-class array of shared operational resources, which allow us to take advantage of size, scale, and efficiency,” he said. 

“We’ve always said that growing our local markets and providing top-notch customer service are our highest priorities, and this merger with North Shore Bank allows us to continue doing just that,” said Abington Bank Board Chairman Paul Sullivan. “It also allows us to partner with a premier community bank on the North Shore and to unlock potential for many more customers.” 

“We’re very pleased to be joining Hometown Financial Group and, at the same time, excited to welcome the employees and customers of Abington Bank to North Shore Bank,” said Tierney. “This transaction is a partnership of two premier banking organizations and represents another step for us to ensure our long-term success. North Shore Bank customers will continue to enjoy enhanced products and services, innovative digital banking tools, and an expanded branch network to help meet the evolving needs of customers.”

Following completion of the transaction, Hometown Financial Group will have consolidated assets of approximately $6.4 billion, nearly 700 employees, and a branch network of 52 full-service offices across Massachusetts, northeastern Connecticut, and southern New Hampshire.

This transaction is the seventh strategic merger for Hometown Financial Group in the last nine years.

The merger has been unanimously approved by the boards of Hometown Financial Group, Abington Bank, and North Shore Bank. The transaction is anticipated to close in the second half of 2024, subject to the receipt of all required regulatory approvals and other customary closing conditions.

Luse Gorman, PC served as legal counsel to Hometown Financial Group, Inc., while Piper Sandler provided strategic consulting. Nutter McClellan & Fish LLP served as legal counsel for North Shore Bank, while Keefe Bruyette and Woods provided strategic consulting.

Hometown Financial Group Wins National Top Workplaces Award

EASTHAMPTON, MASSACHUSETTS — Hometown Financial Group, parent company of bankESB, bankHometown, and Abington Bank, announced today that it was named a 2023 Financial Services Industry Top Workplaces national award winner.

This award is based solely on feedback from employees of participating workplaces, gathered through an anonymous, third-party survey administered by Energage, LLC, a leading provider of technology-based employee engagement tools. Top Workplaces Industry awards celebrate organizations that have built a people-first workplace culture and mark them as an employer of choice within their sector.

This is the second year in a row that Hometown Financial Group has been recognized nationally in the financial services industry category. The company also was named a national Top Workplaces USA winner and a Hartford Courant Top Workplaces winner in 2022.

“To be nationally recognized as an employer of choice in financial services is a tremendous honor, particularly since it’s the direct result of feedback from those who know us best:  our employees,” said Hometown Financial Group CEO Matthew S. Sosik. “I’m proud of our employees’ passion and dedication to helping our customers, our communities, and each other unlock their potential, every day. As an employer, we’re equally committed to nurturing an environment where everyone feels valued and respected, and where employees can unlock their own potential, personally and professionally.”

“Earning a Top Workplaces award is a badge of honor for companies, especially because it comes authentically from their employees," said Eric Rubino, Energage CEO. "That’s something to be proud of. In today’s market, leaders must ensure that employees have a voice and are heard. That’s paramount. Top Workplaces do this, and it pays dividends.”

Hometown Financial Group completes acquisition of Randolph Bancorp

EASTHAMPTON AND ABINGTON, MASSACHUSETTS — Hometown Financial Group, Inc., the multi-bank mutual holding company for bankESB, bankHometown, and Abington Bank, has completed its acquisition of Randolph Bancorp, Inc. (NASDAQ: RNDB), the bank holding company for Envision Bank. Under the agreement, the acquired Envision Bank branches have been rebranded as Abington Bank.

 “We’re thrilled to welcome Envision Bank employees and customers into the Abington Bank family,” said Hometown Financial Group CEO Matthew S. Sosik. “As we more than double our presence in eastern Massachusetts and expand our unique brand of community banking, we are excited to bring these combined resources to the customers and employees of Envision Bank to help unlock their potential.”

 Abington Bank now has $1.4 billion in assets and 10 branches located throughout the South Shore and South Coast, adding offices in Braintree, Randolph, and two in Stoughton to its existing network of offices in Abington, Avon, Holbrook, Marion, and two in Cohasset.

 “I look forward to getting to know the Envision Bank customers, employees, and their communities in the months ahead,” said Abington Bank President & CEO Andrew J. Raczka. “I am passionate about fulfilling our promise to deliver individualized financial solutions, enhanced smart banking tools and technology, and increased business lending capacity.  At the same time, this will enable us to broaden our commitment to giving back to the communities we serve through our charitable giving program, The Giving Tree.”

 The transaction likewise expands Hometown Financial Group’s market presence in eastern Massachusetts, bringing consolidated assets to $4.5 billion with 37 branches located throughout Massachusetts and northeastern Connecticut.

 “Hometown Financial Group’s focus on innovation and technology will help meet the evolving needs of customers by providing greater access to digital banking tools and an expanded branch network,” said Randolph Bancorp President and CEO William Parent. “These enhancements will improve the customer experience and create a stronger competitor in eastern Massachusetts.”

 In addition, Envision Mortgage, with offices in Braintree, North Attleboro, and Westport, will join Hometown Financial Group within the newly formed Hometown Mortgage. As a division of bankESB, a Hometown Financial Group company that also includes bankHometown and Abington Bank, Hometown Mortgage will leverage its combined strength, an internal shared services model, and investments in technology to work with borrowers and homeowners across Massachusetts, Connecticut, and neighboring states. Its mission is to make home financing simple and stress-free by helping potential borrowers unlock the right home financing solution for their unique needs. At the same time, a commitment to community banking and local roots means that Hometown Mortgage can focus on the unique needs of those who live and work in the communities we serve.

Hometown Financial Group has added former Randolph Bancorp director Kenneth Quigley to both its board of directors and the board of Abington Bank. In addition, Parent will join Hometown Financial Group as its chief strategy officer.

 This transaction is the sixth strategic merger for Hometown in the last seven years. In 2015, Hometown acquired Citizens National Bancorp., Inc., based in Putnam, Connecticut, and then merged with Hometown Community Bancorp., MHC, the holding company for Hometown Bank, in 2016. It then acquired Pilgrim Bancshares, Inc., and Abington Bank in 2019, and later that same year acquired Millbury Savings Bank.

Hometown Financial Group, Inc. and Randolph Bancorp, Inc. Announce Receipt of Regulatory Approvals and Targeted Closing Date of Merger

EASTHAMPTON AND QUINCY, MASSACHUSETTS — SEPTEMBER 27, 2022 — Hometown Financial Group, Inc. (“Hometown”), the multi-bank holding company for bankESB, bankHometown and Abington Bank, and Randolph Bancorp, Inc. (NASDAQ: RNDB) (“Randolph”), the bank holding company for Envision Bank, jointly announced today that all regulatory approvals relating to the acquisition by Hometown of Randolph and Envision Bank have been received. Randolph shareholders previously approved the merger at a special meeting of shareholders held on June 29, 2022. The merger is targeted to close on October 7, 2022, subject to the satisfaction of other customary closing conditions.

Under the terms of the merger agreement, Randolph shareholders will receive cash of $27.00 for each share of Randolph.

Hometown Financial Group, Inc. Wins Hartford Courant Top Workplaces Award

OXFORD, MASSACHUSETTS — Hometown Financial Group, parent company of bankHometown, was recently awarded a Top Workplaces 2022 honor by Hartford Courant Top Workplaces.

The honor is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage LLC. The anonymous survey uniquely measures 15 culture drivers that are critical to the success of any organization: including alignment, execution, and connection, just to name a few.

“Earning a Top Workplaces award is a badge of honor for companies, especially because it comes authentically from their employees,” said Eric Rubino, Energage CEO. “That's something to be proud of. In today's market, leaders must ensure they’re allowing employees to have a voice and be heard. That's paramount. Top Workplaces do this, and it pays dividends.”

“We’re incredibly proud that we’ve been recognized by the Hartford Courant as a standout organization in the area of people-first culture excellence,” said bankHometown President and CEO Robert J. Morton. “This award is a testament to our talented employees and the rewarding workplace culture they cultivate by living our core values on a daily basis. Our employees are our greatest asset, and we remain committed to fostering a positive, inclusive, and team-oriented work environment that allows them to focus on helping our customers and community unlock their potential and reach their financial goals.”

In the Photo:

L to R: Michael Mahlert, EVP Sr. Commercial Lending Officer; Bozena Dabek, EVP Chief Administrative Officer; Michelle Kile, SVP Retail Banking; Maria Thomas, AVP Branch Officer, bankHometown Thompson office; Meagan Barrett, VP Human Resources; Nancy Roberts, AVP Branch Officer, bankHometown Putnam office; Roela Dhima, HR Manager

Hometown Financial Group, Inc. to Acquire Randolph Bancorp, Inc.

EASTHAMPTON AND QUINCY, MASSACHUSETTS — Hometown Financial Group, Inc. (“Hometown”), the multi-bank holding company for bankESB, bankHometown and Abington Bank, and Randolph Bancorp, Inc. (NASDAQ: RNDB) (“Randolph”), the bank holding company for Envision Bank, jointly announced today that they have entered into a definitive merger agreement pursuant to which Hometown will acquire Randolph.

Under the terms of the merger agreement, which has been unanimously approved by both boards of directors, Randolph shareholders will receive $27.00 in cash for each share of Randolph common stock. The total transaction value is approximately $146.5 million. The merger is anticipated to close in the fourth quarter of 2022, subject to certain conditions, including the receipt of required regulatory approvals, shareholder approval, and other standard conditions. Randolph’s directors and executive officers who currently own, in the aggregate, approximately 7.65% of Randolph’s outstanding common shares have signed voting agreements pursuant to which they have agreed to vote their shares in favor of the merger.

As a result of the transaction, Envision Bank will merge with and into Abington Bank to create a $1.4 billion bank with 11 full-service retail locations across the South Shore, including the towns of Abington, Avon, Braintree, Cohasset, Holbrook, Marion, Randolph and Stoughton. Envision’s mortgage division also has lending centers in North Attleboro and Quincy as well as two mortgage offices in Massachusetts and one in southern New Hampshire.  As part of the merger agreement, at closing, Hometown will add at least one Randolph director to the Hometown and Abington Bank boards of directors.

The transaction will expand Hometown’s market presence in eastern Massachusetts. Following completion of the transaction, Hometown will have consolidated assets of approximately $4.4 billion and a branch network of 38 full-service offices across Massachusetts and northeastern Connecticut.

“With the addition of Envision Bank, we more than double our full-service locations and assets in eastern Massachusetts,” said Matthew S. Sosik, CEO of Hometown Financial Group, Inc. “We are very excited to share the significant resources of Hometown Financial Group with the employees and customers of Envision Bank.”

“Envision Bank customers will enjoy our enhanced products and services and our business customers will benefit from an increase in lending capacity,” said Andrew Raczka, Abington Bank CEO and President.

This transaction will be the sixth strategic merger for Hometown in the last seven years. In 2015, Hometown acquired Citizens National Bancorp., Inc., based in Putnam, Connecticut, and then merged with Hometown Community Bancorp., MHC, the holding company for Hometown Bank, in 2016. It then acquired Pilgrim Bancshares, Inc., and Abington Bank in 2019, and later that same year merged Millbury Savings Bank with and into bankHometown.

“Our holding company structure brings the best of both worlds to our customers, employees, and communities,” Sosik said. “Each bank has deep roots in the neighborhoods they call home, so each can operate independently to harness its own local branding power while taking advantage of our extensive shared resources that take advantage of size, scale, and efficiency.” Sosik said Hometown Financial Group will continue to seek out additional strategic acquisitions and partnerships with like-minded financial institutions.

“We are very pleased to have reached this agreement. Our shared values and complementary business models make this an ideal partnership,” said William M. Parent, President and CEO of Randolph Bancorp, Inc. “Both organizations are highly respected as leaders in the community and we believe Hometown Financial Group’s focus on innovation and technology will help meet the evolving needs of customers of both Hometown Financial Group and Envision Bank by providing greater access to digital banking tools and an expanded branch network. These enhancements will improve the customer experience and create a stronger banking competitor in eastern Massachusetts.”

Piper Sandler & Co. acted as financial advisor to Hometown Financial Group, Inc. and Luse Gorman, PC served as legal counsel. Keefe, Bruyette & Woods, A Stifel Company, acted as financial advisor to Randolph Bancorp, Inc. and Goodwin Procter LLP acted as legal counsel.

Hometown Financial Group Wins Top Workplaces USA Award

February 1, 2022

EASTHAMPTON, MASSACHUSETTS — Hometown Financial Group today was named to the list of 2022 top workplaces by Energage.

The Top Workplaces USA award is based solely on feedback from employees of participating workplaces, gathered through an anonymous, third-party survey administered by Energage, LLC, a leading provider of technology-based employee engagement tools. More than 42,000 organizations from across the country were invited to participate in the Top Workplaces USA survey. Results were calculated by comparing the survey’s research-based statements, including 15 culture drivers that are proven to predict high performance against industry benchmarks. Winners are recognized for their dedication to people-first culture excellence.

“We’re honored that our organization has been nationally recognized as an employer of choice, and humbled that this honor is the direct result of positive feedback from those who know us best:  our employees,” said Hometown Financial Group President and CEO Matthew S. Sosik. “I’m inspired every day by our talented employees, who are passionate about our mission of local, community banking and deeply committed to helping our customers unlock their potential to reach their financial goals, while fostering a work environment that’s inclusive, innovative, team-oriented, and fun.”

“During this very challenging time, Top Workplaces has proven to be a beacon of light for organizations, as well as a sign of resiliency and strong business performance," said Eric Rubino, Energage CEO. "When you give your employees a voice, you come together to navigate challenges and shape your path forward. Top Workplaces draw on real-time insights into what works best for their organization, so they can make informed decisions that have a positive impact on their people and their business.”