Region – SpencerBANK, the wholly-owned subsidiary of Spencer MHC and Southbridge Savings Bank, the wholly-owned subsidiary of Green Valley Bancorp, MHC, have agreed to combine their two mutual holding companies under the name SSB Community Bancorp MHC. Spencer Mid-tier Holding Company and Green Valley Bancorp, Inc., the subsidiary mid-tier holding companies of Spencer MHC and Green Valley Bancorp, MHC, respectively, will also combine under the name SSB Community Bancorp Inc. in connection with the merger. The merger is expected to be completed on May 31, 2016.
The combined mutual holding company will have over $1 billion in total consolidated assets and $108 million in equity capital and will represent a branch network of 15 offices located throughout Central Massachusetts.
The two banks will continue to remain separate, independent entities.