Peoples to merge with Brookline Cooperative

Peoples Federal Savings Bank, based in Brighton, and Brookline Cooperative Bank plan to merge under the Peoples banner in the third quarter, pending shareholder and regulatory approvals, the companies said today. The combined bank would have six branches serving Allston, Brighton, Brookline, West Roxbury, Norwood and Jamaica Plain, and have $370 million in assets. Jim Gavin, Peoples' vice president and chief operating officer, said no money changed hands in the deal, which was motivated by his bank's want for a Brookline branch and Brookline Cooperative's desire to have more capital and offer more services.
(By Keith Reed, Globe staff)