Massachusetts mutuals Adams Community Bank and Pittsfield Cooperative Bank are merging..The deal is expected to be completed late this fall, and create a $1.5 billion bank with nearly 200 employees and 15 branches. A new name and brand will be unveiled in connection with the merger. Adams Community Bank is headquartered in the northwest Massachusetts city of Adams, 15 miles north of Pittsfield. The bank’s holding company, Community Bancorp of the Berkshires, has $1 billion in assets and nine branches. Pittsfield Cooperative Bank has $430 million in assets. The group will have two boards of directors, with the merged bank keeping Adams Community Bank’s mutual holding company. The chair of each board — John Martin of Pittsfield Cooperative Bank and Jeffrey Grandchamp of Adams Community Bank — will serve as co-chairs. Boston-based Nutter McClellan & Fish was legal counsel for Adams Community Bank, while Luse Gorman, Washington, D.C., was legal counsel to Pittsfield Cooperative Bank. Piper Sandler, Minneapolis, consulted both institutions.
