SpencerBANK and Southbridge Savings Bank announced yesterday that the two banks will indeed merge and begin operations later this year as Cornerstone Bank, despite initially announcing a merger of the holding companies and independent banking operations in late 2015.
The merger and rebranding is expected to occur in June, pending regulatory approval, and all locations will begin to operate under the new name at that time.
“Although our name will be different, our customers will continue to experience outstanding service from the same familiar faces and relationships they have come to know,” K. Michael Robbins, president and CEO of SpencerBANK, said in a statement. “We have a strong brand loyalty with local roots that date back over a century. The name we chose best embodies our culture and promotes the values of integrity and trust that our banks were built on.”
“While we look forward to integrating and creating greater value for our customers, employees and communities, we realize the name is secondary to delivering the outstanding service our customers have come to expect. We will remain a community bank that existing and prospective customers want to be a part of,” Todd M. Tallman, president and CEO of Southbridge Savings Bank, said in a statement.
Robbins will become chairman and CEO of Cornerstone Bank while Tallman will be president and treasurer – the same titles both hold at the merged holding company, SSB Community Bancorp MHC.