Hometown Financial seals deal to buy CFSB Bancorp

The Hoadon Financial Group has reached a deal to buy CFSB Bancorp and its branch, Colonial Federal Savings Bank, for about $ 44 million.

The agreement states that CFSB shareholders will receive $ 14.25 in cash for each of the ordinary shares they keep.

The boards of directors of both entities unanimously agreed to integrate, which is expected to conclude in the fourth quarter of 2025.

The completion of the deal depends on organizational approvals, the approval of CFSB shareholders, and other customary conditions.

After the merger, the Colonial Federal Steam Bank will be combined in North Shore Bank, a subsidiary of its hometown company.

This will create a banking entity of $ 3.3 billion and 29 retail sites via Massachusetts and South New Hampshire.

The colonial federal branches will be integrated in Queens, Holbroc, and Wimouth in North Shore Bank.

The bank will continue by CEO Kevin M. Terney, Father, president and CEO Michael R. Wheeler.

This acquisition of the unified assets of the hometown group will increase to approximately $ 6.9 billion and expand its branch network to 56 locations in Massachusetts, South New Hampshire and Northeast Connecticut.

The eighth integration of the Huntown Financial Group is a decade.

The CEO of Hometown Group and Chairman of the Board of Directors said Matthew S. SOSIK: “We are happy to welcome customers, employees and societies in the financial banks group in the colonies. This integration will increase our presence in the eastern Massachusetts, and we are keen to share the strength and resources of the financial group in the northern beach with employees and federal agents.”

“This transaction is involved in two distinguished banking organizations and represents another step for us to ensure our long -term success. Federal customers will enjoy the products and reinforced services, innovative digital banking tools, and an expanded branch network to help meet their needs. Advanced. “

“Huntown Financial Seals Deal to buy CFSB Bancorp” was originally created by the Banker International, a brand owned by Globaldata.

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