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Daily News

EASTHAMPTON — Hometown Financial Group Inc., the multi-bank mutual holding company for bankESB, bankHometown, and Abington Bank, has completed its acquisition of Randolph Bancorp Inc, the bank holding company for Envision Bank. Under the agreement, the acquired Envision Bank branches have been rebranded as Abington Bank.

“We’re thrilled to welcome Envision Bank employees and customers into the Abington Bank family,” Hometown Financial Group CEO Matthew Sosik said. “As we more than double our presence in Eastern Massachusetts and expand our unique brand of community banking, we are excited to bring these combined resources to the customers and employees of Envision Bank to help unlock their potential.”

Abington Bank now has $1.4 billion in assets and 10 branches located throughout the South Shore and South Coast, adding offices in Braintree, Randolph, and two in Stoughton to its existing network of offices in Abington, Avon, Holbrook, Marion, and two in Cohasset.

“I look forward to getting to know the Envision Bank customers, employees, and their communities in the months ahead,” Abington Bank President and CEO Andrew Raczka said. “I am passionate about fulfilling our promise to deliver individualized financial solutions, enhanced smart-banking tools and technology, and increased business lending capacity. At the same time, this will enable us to broaden our commitment to giving back to the communities we serve through our charitable giving program, the Giving Tree.”

The transaction likewise expands Hometown Financial Group’s market presence in Eastern Mass., bringing consolidated assets to $4.5 billion with 37 branches located throughout Massachusetts and Northeastern Connecticut.

“Hometown Financial Group’s focus on innovation and technology will help meet the evolving needs of customers by providing greater access to digital banking tools and an expanded branch network,” Randolph Bancorp President and CEO William Parent said. “These enhancements will improve the customer experience and create a stronger competitor in Eastern Massachusetts.”

In addition, Envision Mortgage, with offices in Braintree, North Attleboro, and Westport, will join Hometown Financial Group within the newly formed Hometown Mortgage. As a division of bankESB, a Hometown Financial Group company that also includes bankHometown and Abington Bank, Hometown Mortgage will leverage its combined strength an internal shared-services model, and investments in technology to work with borrowers and homeowners across Massachusetts, Connecticut, and neighboring states. Its mission is to make home financing simple and stress-free by helping potential borrowers unlock the right home financing solution for their unique needs. At the same time, a commitment to community banking and local roots means Hometown Mortgage can focus on the unique needs of those who live and work in the communities it serves.

Hometown Financial Group has added former Randolph Bancorp director Kenneth Quigley to both its board of directors and the board of Abington Bank. In addition, Parent will join Hometown Financial Group as its chief strategy officer.

This transaction is the sixth strategic merger for Hometown in the last seven years. In 2015, Hometown acquired Citizens National Bancorp. Inc., based in Putnam, Connecticut, then merged with Hometown Community Bancorp. MHC, the holding company for Hometown Bank, in 2016. It then acquired Pilgrim Bancshares Inc. and Abington Bank in 2019, and later that year acquired Millbury Savings Bank.

Daily News

EASTHAMPTON — Hometown Financial Group Inc., the multi-bank holding company for bankESB, bankHometown, and Abington Bank, has entered into a definitive merger agreement by which Hometown will acquire Randolph Bancorp Inc., the bank holding company for Envision Bank.

Under the terms of the merger agreement, which has been unanimously approved by both boards of directors, Randolph shareholders will receive $27 in cash for each share of Randolph common stock. The total transaction value is approximately $146.5 million. The merger is anticipated to close in the fourth quarter of 2022, subject to certain conditions, including the receipt of required regulatory approvals, shareholder approval, and other standard conditions. Randolph’s directors and executive officers who currently own, in the aggregate, approximately 7.65% of Randolph’s outstanding common shares have signed voting agreements pursuant to which they have agreed to vote their shares in favor of the merger.

As a result of the transaction, Envision Bank will merge with and into Abington Bank to create a $1.4 billion bank with 11 full-service retail locations across the South Shore, including the towns of Abington, Avon, Braintree, Cohasset, Holbrook, Marion, Randolph and Stoughton. Envision’s mortgage division also has lending centers in North Attleboro and Quincy as well as two mortgage offices in Massachusetts and one in Southern New Hampshire. As part of the merger agreement, at closing, Hometown will add at least one Randolph director to the Hometown and Abington Bank boards of directors.

The transaction will expand Hometown’s market presence in eastern Massachusetts. Following completion of the transaction, Hometown will have consolidated assets of approximately $4.4 billion and a branch network of 38 full-service offices across Massachusetts and northeastern Connecticut.

“With the addition of Envision Bank, we more than double our full-service locations and assets in eastern Massachusetts,” said Matthew Sosik, CEO of Hometown Financial Group Inc. “We are very excited to share the significant resources of Hometown Financial Group with the employees and customers of Envision Bank.”

Abington Bank President and CEO Andrew Raczka added that “Envision Bank customers will enjoy our enhanced products and services, and our business customers will benefit from an increase in lending capacity.”

This transaction will be the sixth strategic merger for Hometown in the last seven years. In 2015, Hometown acquired Citizens National Bancorp. Inc., based in Putnam, Conn., and then merged with Hometown Community Bancorp MHC, the holding company for Hometown Bank, in 2016. It then acquired Pilgrim Bancshares Inc. and Abington Bank in 2019, and later that same year merged Millbury Savings Bank with and into bankHometown.

“Our holding company structure brings the best of both worlds to our customers, employees, and communities,” Sosik said. “Each bank has deep roots in the neighborhoods they call home, so each can operate independently to harness its own local branding power while taking advantage of our extensive shared resources that take advantage of size, scale, and efficiency.”

Sosik said Hometown Financial Group will continue to seek out additional strategic acquisitions and partnerships with like-minded financial institutions.

“We are very pleased to have reached this agreement. Our shared values and complementary business models make this an ideal partnership,” said William Parent, president and CEO of Randolph Bancorp Inc. “Both organizations are highly respected as leaders in the community, and we believe Hometown Financial Group’s focus on innovation and technology will help meet the evolving needs of customers of both Hometown Financial Group and Envision Bank by providing greater access to digital banking tools and an expanded branch network. These enhancements will improve the customer experience and create a stronger banking competitor in Eastern Massachusetts.”

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