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Cornerstone, Athol Savings to Merge; Combined Bank Will Have $2.4B in Assets
Worcester, MA-based Cornerstone Bank, a subsidiary of PeoplesBancorp, MHC, and Athol Savings Bank (ASB) announced that they will merge, with ASB operating as a division of Cornerstone Bank, maintaining its name and five branch locations. The merger will create a financial institution with assets of $2.4 billion.
“This is an incredibly exciting time for us,” said Cornerstone CEO Todd Tallman. “We are growing. Athol Savings Bank has a great team, and its mission, values and commitment to mutuality align seamlessly with ours. This move will strengthen our ability to serve our communities while preserving our focus on customer service. Our combined scale will make us more efficient, expand product offerings and improve customer service through shared resources and technology.”
Daniel J. Zona, ASB’s current president and CEO, will become president of Cornerstone Bank, succeeding Randal Webber, who announced in March that he will retire.
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