PeoplesBancorp, MHC Surveillance Report

Company Profile

PeoplesBancorp, MHC (“Peoples” or “the company”) is a mutual holding company operating principally through PeoplesBank (“the bank”), a 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.
In 1Q25, Peoples completed its acquisition of SSB Community Bancorp, MHC, the holding company for Central MA headquartered Cornerstone Bank (“Cornerstone”). Cornerstone, which now operates as a subsidiary of Peoples (independent of PeoplesBank), is a $1.7 billion in assets mutual bank that provides a granular deposit base with a branch network that expands Peoples into the Worcester MA MSA. Additionally, in 3Q25, Peoples announced a merger agreement between Cornerstone and Athol Savings Bank, a $0.7 billion asset mutual bank operating in the north-central region of MA, further…

KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.