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Girl Scouts, Cornerstone Bank Launch Financial Literacy Partnership

By
Daily News

WORCESTER — Girl Scouts of Central and Western Massachusetts (GSCWM) announced a new partnership with Cornerstone Bank to deliver a year-long, hands-on financial literacy partnership for girls across Central and Western Mass. The program equips Girl Scouts with essential money management, financial planning, and practical skills they can use for a lifetime.

Through badge-earning activities, troop and community programs, and virtual learning experiences, girls will build confidence in budgeting, saving, banking, and goal setting. With Cornerstone Bank’s support, 1,500 Girl Scout financial literacy badges will be fully funded, allowing all Girl Scouts in grades K-12 to earn them at no cost.

“This partnership allows us to meet girls where they are and give them real-world tools that matter,” said Theresa Lynn, CEO of GSCWM. “Financial confidence is a critical life skill, and together with Cornerstone Bank, we are creating pathways for girls to lead with purpose and independence.”

Cornerstone Bank will also sponsor a virtual webinar series for Girl Scout seniors and ambassadors, offered throughout the year. The sessions will cover key financial topics including budgeting and saving, credit and responsible borrowing, banking basics, and personal goal setting and future planning. Additionally, Girl Scouts can visit cornerstonebank.com/girl-scouts to complete a financial literacy activity and bring the completed activity to a bank branch to earn the Cornerstone financial literacy patch.

“Girl Scouts of Central and Western Massachusetts has long been dedicated to empowering Girl Scouts to discover their strengths, build leadership skills, and make a difference in their communities,” said Todd Tallman, Cornerstone Bank’s CEO. “At Cornerstone Bank, we’re proud to partner with this impactful organization to help support programs that foster financial literacy, independence, and growth. Together, we’re helping build bright, confident futures.”

PeoplesBank, Cornerstone Bank Complete Merger of Holding Companies

By
Daily News

HOLYOKE — PeoplesBank and Cornerstone Bank announced they have completed the merger of their holding companies and will now operate under PeoplesBancorp, MHC, as of Jan. 31. The holding company will have more than $6 billion in assets. However, PeoplesBank and Cornerstone Bank will continue to operate independently under their own names and brands, and there will be no changes from a customer perspective.

Both banks are adding new branches. Cornerstone Bank added a new branch in 2024 and expects to add another in the second quarter of 2025. PeoplesBank is opening two new banking centers in January and February.

“The banking industry is shrinking while becoming more competitive, and asset size matters for scalability,” said Tom Senecal, chairman and CEO of PeoplesBank. “This new relationship means that, with our mutual charter, we will realize a new ability to efficiently compete, as well as attract and retain the highest-quality associates, while also continuing to invest in our communities.”

With the completion of the merger, Senecal remains chairman and CEO, Cornerstone Bank CEO Todd Tallman has become president, and Brian Canina has become chief operating officer of PeoplesBancorp, MHC, and will remain president of PeoplesBank.

“This merger was always about the people — not only our employees, but also the community,” Tallman said. “It provides an immense opportunity to invest in people, communities, technology, and, of course, growth.”

Both institutions benefit from the combined financial strength of two strong community banks coming together to create one of the largest mutual, multi-bank holding companies in the Northeast. PeoplesBank, serving Western Mass. and Northern Conn., and Cornerstone Bank, serving Central Mass., will each continue their normal operations with no disruption to customers. Both banks’ account information, branch banking, and digital access remain the same.

PeoplesBank, Cornerstone Bank Announce Merger of Holding Companies

By
Banking & Finance Daily News News

HOLYOKE — Following a unanimous vote from their boards, PeoplesBank and Cornerstone Bank have announced they have entered into a definitive merger agreement to combine their holding companies in a merger transaction.

While the merger agreement between PeoplesBancorp, MHC and SSB Community Bancorp, MHC will unify holding companies, both banks will continue operating under separate names and brands for the foreseeable future. After the completion of the merger, the new, consolidated holding company for both banks will be named PeoplesBancorp, MHC and have approximately $6 billion in assets.

Thomas Senecal will remain as CEO and chairman, and Todd Tallman will become president of the combined mutual holding company. Brian Canina will be the chief operating officer of the holding company and will remain president of PeoplesBank.

Both institutions will benefit from the combined financial strength of two strong community banks coming together to create one of the largest mutual, multi-bank holding companies in the Northeast. PeoplesBank, serving Western Mass. and Northern Conn., and Cornerstone Bank, serving Central Mass., will each continue their normal operations with no disruption to customers. All account information, branch banking, and digital access will remain the same for both banks throughout the transaction.

“This merger of our holding companies will create more financial support for each of our banks, ensuring the kind of sustained strength that our customers have relied on since our founding in 1885,” said Senecal, CEO and chairman of the board of PeoplesBank.

This partnership opens up both banks to future opportunities and market growth. The merger was unanimously approved by the boards of trustees for both holding companies. Completion of the transition remains subject to approval by the corporators of PeoplesBancorp, MHC and SSB Community Bancorp, MHC as well as regulatory approval. Closing is anticipated in the first quarter of 2025.

“We’re excited to be joining forces with another mutual bank serving their communities with the same kind of commitment as us,” said Tallman, CEO of Cornerstone Bank. “While customers won’t see any difference in their day-to-day banking experiences, this merger offers us more scalability and strength, which we can build on in the future.”