Easthampton, MA-based Hometown Financial Group, Inc., the holding company for bankESB, bankHometown, and TruNorth Bank, has entered into a merger agreement to acquire Primary Bank, a publicly traded commercial bank based in Bedford, NH. Hometown Financial’s ninth M&A deal in the past 10 years, the Primary Bank acquisition will expand its presence in southern New Hampshire and is valued at approximately $160 million.
In addition, the board of Hometown Financial Group, MHC has unanimously voted to reorganize from a mutual holding company structure to a stock holding company structure. These transactions build on Hometown’s previously announced plan to merge its three banks and unite under the TruNorth Bank name.
The acquisition will add approximately $743 million in assets and four New Hampshire locations to TruNorth Bank’s 55-branch network. At closing of the acquisition, Hometown will grow to 59 TruNorth Bank retail locations across Massachusetts, southern New Hampshire and northeast Connecticut.
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