Rollstone Bank & Trust, based in Fitchburg, Massachusetts, along with its parent company, Rollstone Bancorp, will merge into Newburyport-based River Run Bancorp. This merger marks the addition of a third mutual community bank under the River Run umbrella, the organization announced last week.
With the merger, Rollstone Bank will bring 10 additional locations and more than $900 million in assets, including a distinctive wealth management and trust services division not commonly found in local banks, according to River Run.
Rollstone’s CEO, Martin Connors Jr., will retire in mid-2025 following the merger. Mary Beth Jokela, currently the bank’s chief operating officer, will succeed him as the first woman president of Rollstone Bank, River Run confirmed.
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The financial details of the merger have not been disclosed. As is common in mergers involving depositor-owned banks like River Run, financial transactions often do not play a central role.
The deal is anticipated to close in the first half of next year, boosting River Run’s total assets to more than $3.5 billion, with a network of 20 branches spread across northeastern and central Massachusetts as well as southern New Hampshire. This merger also marks the second mutual bank merger in Massachusetts within recent months, following the June announcement of a merger between Holyoke-based PeoplesBancorp and Worcester’s SSB Community Bancorp.
River Run Bancorp was established last year by Newburyport Bank and Pentucket Bank, aiming to consolidate back-office operations, offer a broader range of services, and achieve greater scale. Despite the merger, Rollstone Bank will continue to operate under its existing name, maintaining its local headquarters, management, retail and lending operations, charitable programs, and its independent board.
“As community banks face growing challenges to their long-term viability, River Run provides the necessary framework to not only ensure survival but to help these banks thrive,” said River Run CEO Lloyd Hamm in a statement. “We are excited to welcome Rollstone into the River Run family and are confident that this partnership will support the future of community banking.”
Upon his retirement, Connors will serve a two-year term as executive chair of Rollstone Bank’s board and will also assume the role of vice chair on River Run’s board.
“Joining forces with Newburyport Bank and Pentucket Bank as part of the River Run family allows us to enhance our service offerings and build an even stronger bank for the future,” said Connors. “Our commitment to mutuality remains steadfast, and we look forward to continued success with our expanded resources
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