Upon completion of the merger, the new North Shore Bank will have almost $700 million in assets and will 11 full-service locations across the North Shore.
There are no plans for layoffs. All Saugusbank employees and directors will join North Shore Bank.
North Shore President and CEO David J. LaFlamme will serve as the CEO of North Shore Bank and its parent company, North Shore Bancorp. Saugusbank President and CEO Kevin M. Tierney Sr., will be the president and COO of the bank and Bancorp.
In a joint statement, they said, “This merger will be extremely beneficial for our customers and employees. As a larger institution, the bank will also be able to offer enhanced products and services, greater employment opportunities and expanded branch access… Because both banks have similar business approaches, compatible product lines and complementary corporate cultures, we anticipate that merging the two organizations will be a seamless transition.”
The merger is subject to approval by North Shore Bancorp corporators, Saugusbank depositors, the Federal Deposit Insurance Corporation and the Massachusetts Division of Banks. The merger is expected to be completed in the third quarter of 2014.