Massachusetts companies North Shore Bank, based in Peabody, and Beverly Bank announced plans to merge, creating an organization with more resources to better serve the people, businesses and communities north of Boston. Under the terms of the definitive merger agreement, Beverly Financial and Beverly Bank will merge with and into North Shore Bancorp and North Shore Bank, respectively.
The merger has been approved by the boards of directors of both organizations. As North Shore Bank, the combined institution will continue its mutual and co-operative bank status.
North Shore President and CEO Kevin M. Tierney Sr. will lead the combined banks as CEO of North Shore Bank and its parent, North Shore Bancorp. Beverly Bank President and CEO Michael R. Wheeler will assume the role of president and chief operating officer.
In a joint statement, Tierney and Wheeler explained:
“In today’s banking environment, one characterized by increasing technology costs, ongoing regulatory demands and evolving cyber security, community banking can be challenging and competitive. By merging our institutions, we are not only committing to mutuality but also achieving a size and scale that will allow us to create an even stronger, more relevant bank for the future.”
Upon completion of the merger, North Shore Bank will grow to $1.4 billion in assets and will operate out of 18 full-service locations throughout Essex County and southern New Hampshire.
The merger is expected to be completed during the third quarter.