A Merger of Values

PeoplesBank and Cornerstone Bank Complete Merger of Holding Companies.

Todd Tallman (Cornerstone) and Tom Senecal (PeoplesBank)

Holyoke and Spencer, Mass. (February 3, 2025) –  PeoplesBank and Cornerstone Bank have announced that they have completed the merger of their holding companies and will now operate under PeoplesBancorp, MHC, as of January 31, 2025. The holding company will have over $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. (Video Below)

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 February.

“The banking industry is shrinking while becoming more competitive," stated Tom Senecal, Chairman and CEO of PeoplesBank, "and asset size matters for scalability. 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."

Tom Senecal and Todd Talman Quotes

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

With the completion of the merger, Thomas Senecal remains CEO and Chairman, Todd Tallman has become President, and Brian Canina has become the Chief Operating Officer of PeoplesBancorp, MHC, and will remain President of PeoplesBank.

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 Massachusetts and northern Connecticut, and Cornerstone Bank, serving central Massachusetts, will each continue their normal operations with no disruption to customers. Both banks' account information, branch banking, and digital access remain the same.

About PeoplesBank 

PeoplesBank is a $4.4 billion mutual bank founded in 1885 to serve depositors, employees, and the community. Its mutual organizational structure empowers it to focus on the long-term viability of the bank and the best interests of its customers. In 2025, the bank will have 20 banking centers located in Massachusetts and Connecticut. 

About Cornerstone Bank

Cornerstone Bank is a $1.6 billion mutual bank built on trust and the strong foundation of two long-standing mutual banks that came together in 2017. The bank connects customers with opportunities through a broad range of deposit and loan products and services. Proudly helping people and businesses thrive in central Massachusetts for more than 150 years, the bank supports a community-based banking model and currently operates 11 branch locations in central Massachusetts. 

Media Contact
Matthew Bannister, Senior Vice President, Marketing & Corporate Responsibility, PeoplesBank
413.493.8704
[email protected]