MARLBOROUGH, Mass. and AYER, Mass. – April 1, 2017 – Marlborough Savings Bank (www.agreatbank.com), a wholly-owned subsidiary of Marlborough Bancshares, Inc. and Marlborough Bancshares, MHC, and North Middlesex Savings Bank (http://www.nmsb.com), a mutual savings bank, today announced the completion of their merger, which was effective on April 1, 2017.
The merger was completed pursuant to the terms of the agreement and plan of merger, dated as of July 12, 2016, between Marlborough Savings Bank and North Middlesex Savings Bank. In connection with the merger, the combined bank has changed its name to Main Street Bank. Main Street Bank will have combined assets of approximately $969 million and customers of both banks will have access to 14 banking centers located in Ayer, Devens, Groton, Hudson, Littleton, Lunenburg, Marlborough, Northborough, Pepperell, Shirley, Southborough, Sudbury, and Westborough, Massachusetts. The merger is not expected to result in any job losses or branch closings.
“It is our pleasure to announce the completion of the merger. We are excited to work with North Middlesex’s employees and executive management team to build a combined bank that achieves economies of scale and potential for future growth in the region, while ensuring that our customers and the community continue to receive the level of support that we are dedicated to providing,” said Richard K. Bennett, Chief Executive Officer of Main Street Bank.
“We are pleased to be a part of the Main Street Bank family. Our combined Board of Directors and executive management team look forward to implementing our shared vision and continuing to serve as a leader in the community,” said Walter J. Dwyer, IV, President of Main Street Bank.
About Main Street Bank
Main Street Bank is the result of the merger of Marlborough Savings Bank (established in 1860) and North Middlesex Savings Bank (established in 1885). Main Street Bank is an independent, mutually owned community bank. Committed to making its communities stronger, Main Street Bank offers a full range of innovative products and services that meet the needs of individuals, families, and businesses. Main Street Bank provides personal attention to guide smart decisions and supports community organizations that share its commitment to helping others. Main Street Bank, headquartered in Marlborough, MA is a member of the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).