Easthampton, Mass.-based Hometown Financial Group is expanding into southern New Hampshire by acquiring Primary Bank, Bedford, for $160 million.
The deal is expected to add $743 million in assets and four New Hampshire branches to Hometown subsidiary TruNorth Bank’s 55-branch coverage area in Massachusetts and northeast Connecticut. A multibank holding company, Hometown Financial Group has nearly $7 billion in assets.
As part of the acquisition, Hometown Financial Group adopted a plan of conversion to a stock holding company structure from a mutual holding company. The holding company for BankESB, bankHometown and TruNorth Bank, Hometown plans to merge the brands under the TruNorth Bank name next month.
Luse Gorman PC was legal counsel to Hometown Financial Group, with Keefe Bruyette & Woods as financial advisor. Gallagher, Callahan & Gartrell, P.C. was legal counsel to Primary Bank, while Brean Capital was financial advisor.
