Haverhill, Economy banks in merger
Haverhill Bank and Economy Co-operative Bank of Merrimac said yesterday they have agreed to merge in a deal that seeks to improve efficiencies and economies of scale.
Economy Co-operative’s Merrimac office will join Haverhill Bank’s six locations as a branch office, the banks said in a press release. Both banks are state chartered co-operatives and will operate under the Haverhill Bank name, charter, and bylaws once the merger is finalized.
According to the release, no layoffs or office closings are planned. The combined bank will have about $235 million in deposits, $30 million in capital, and 70 employees.
Economy Co-operative vice president and chief executive Gary B. Gozycki, who has been with the bank since 1984, plans to retire at the completion of the merger.