Company Profile
PeoplesBancorp, MHC (“Peoples” or “the company”) is a $4.4 billion-asset bank holding company operating principally through PeoplesBank, a 20-branch mutual bank established in 1885, offering traditional consumer, small business, and commercial banking services. Headquartered in Holyoke, MA, the company primarily serves the Springfield, MA MSA where it maintains the top deposit market share at 17%.
The company recently announced an agreement to unify with SSB Community Bancorp, MHC, the bank holding company for Central MA headquartered Cornerstone Bank (“Cornerstone”). Cornerstone, which will operate as a subsidiary of the company and independent of PeoplesBank, is a $1.6 billion in assets consumer-oriented lender (56% residential) that provides a granular deposit base with a branch network that expands Peoples into the Worcester MA MSA, where Cornerstone operates 10 branches and ranks third in deposit market share among locally headquartered community banks. Upon deal…