Salem Five Bancorp, the parent company of Salem Five Bank, announced the closing of its acquisition of Georgetown Bancorp Inc. and Georgetown Bank this week.
Under the terms of the agreement, Georgetown Bank and its retail locations will operate as a division of Salem Five Bank until a full conversion in the spring of 2018. Georgetown Bank President Bob Balletto will help lead the transition and integration by serving as president of the Georgetown Bank division of Salem Five.
As a result of the acquisition, Salem Five Bank, one of the largest Massachusetts-headquartered banks, now has total assets of approximately $4.6 billion and 34 locations, serving customers across Essex, Middlesex, Suffolk and Norfolk counties in northeastern Massachusetts. The acquisition also represents Salem Five Bank’s entry into Southern New Hampshire, with a retail location in Stratham.
“This acquisition is an exciting step forward in Salem Five’s continued expansion throughout the region,” Ping Yin Chai, Salem Five president and CEO, said in a statement. “As a community bank, Salem Five has a strong sense of accountability and responsibility to our customers and their financial needs. We look forward to introducing the families, businesses and communities that have relied on Georgetown Bank to our innovative technologies and personalized service.”