Bank alliance 

is complete

EASTHAMPTON, Mass. — Hometown Financial Group, MHC, the mutual holding company for bankESB and bankHometown, announced that the merger of the holding companies of the two banks was successfully completed on April 1.  Both banks will continue to operate independently as separately chartered banks under the umbrella of the resulting mutual holding company, which was formerly known as ESB Bancorp, MHC.

CNB in the Putnam area is also part of bankESB.

Matthew S. Sosik, president and CEO of bankESB, will serve as the CEO of HFG and Michael D. Hewitt, president and CEO of bankHometown, will serve as president of HFG.  Both Sosik and Hewitt will also continue in their current roles at each of the subsidiary banks.  William S. Hogan, formerly chairman, president and CEO of bankESB, will assume the position of chairman of the Board of HFG.

Sosik said, “bankESB and bankHometown officially joined forces on April 1st to create one of the highest performing banking companies in the region that will best serve our customers, communities and employees.  The Company now has almost $2 billion in assets, $200 million in capital, 320 employees and 23 branch office locations that extend throughout central and western Massachusetts and northeastern Connecticut.”

Sosik further added that, “Scale and size are critical elements of being successful in today’s difficult banking environment.  Our 2015 acquisition of Citizen’s National Bank in northeastern Connecticut and last month’s merger with central Massachusetts’ bankHometown have provided important growth opportunities for us that will ensure our long-term viability.   For our board of trustees, these moves are less about our near-term financial performance and much more about ensuring that we are here to support the financial needs of the communities we serve for many decades to come.”