Following the announcement of their definitive agreement to merge holding companies under SSB Community Bancorp, MHC (the "Mutual Holding Company"), today SpencerBANK and Southbridge Savings Bank announced that they plan to merge as one bank and rebrand. Pending regulatory approvals, the merger and rebranding is expected to occur on June 12, 2017, at which time all locations will begin to operate under the new name.
After conducting a branding study, they have officially selected a new name and logo. Both banks are excited to announce that the name of the merged bank will be: Cornerstone Bank.
“We have a strong brand loyalty with local roots that date back over a century,” commented K. Michael Robbins, President & CEO of SpencerBANK. “The name we chose best embodies our culture and promotes the values of integrity and trust that our banks were built on.”
The rebranding was announced to all employees, Directors and Corporators over the past few weeks, during gathered celebrations for the success of the past year and future direction.
“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,” said Todd M. Tallman, President & CEO of Southbridge Savings Bank.
After June 12, 2017, customers will have the ability to utilize any branch location for their banking needs. Customer notifications will be provided throughout the process.
“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," commented Robbins.
The proposed senior leadership team of the merged bank reflects a complementary combination of experience and skill sets. Robbins will serve as the Chairman and CEO while Tallman will serve as President and Treasurer of Cornerstone Bank.
About SpencerBANK:
Founded in 1871, SpencerBANK is an independent, mutual savings bank serving the residents, businesses, and communities of Central Massachusetts from offices in Spencer, Leicester, Rutland, Warren, and Worcester. Deposits are insured in full by a combination of the Federal Deposit Insurance Corporation and the Depositors Insurance Fund. The Bank is an Equal Opportunity Employer, Equal Housing Lender, and SBA Preferred Lender. For more information, visit online at spencerbankonline.com, on Facebook or call 800-939-9103.
About Southbridge Savings Bank:
Southbridge Savings Bank, founded in 1848, currently has nine convenient locations located throughout Central Massachusetts to meet your personal and business needs, with their customer service center and one of their branches open seven days a week. For more information about Southbridge Savings Bank or any of its products and services, please call 1-800-939-9103 or visit the website at www.southbridgesavingsbank.com.
