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Boston & New England  + Massachusetts  + Finance  | 

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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