PEABODY, Mass. (AP) — Two banks based north of Boston have agreed to a merger in which no jobs will be lost.
Peabody-based North Shore Bank and Saugusbank on Thursday said the merger would create an 11-branch bank with $675 million in assets. The combined entity will retain the name North Shore Bank.
Officials at both banks said the deal brings together two community-oriented banks, giving the new bank the opportunity to expand. The territories of the banks do not overlap.
North Shore Bank has eight branches in Beverly, Danvers, Middleton, Peabody and Salem. Saugusbank has three branches and a loan center in Saugus.
North Shore President and CEO David LaFlamme will be chief executive officer of the combined institution. Saugusbank President and CEO Kevin Tierney Sr. will become president and chief operating officer.