PeoplesBank and Cornerstone Bank Announce Merger of Holding Companies
PeoplesBank’s holding company announces merger to support its mission of delivering Real. Simple. Banking.
PeoplesBank is continually taking steps to grow stronger for our associates and our communities – and to ensure our long-term financial security for our customers. We recently celebrated an exciting transaction that reinforces this commitment. Effective January, 31, 2025, PeoplesBank and Cornerstone Bank officially merged their holding companies. While the merger agreement between PeoplesBancorp, MHC and SSB Community Bancorp, MHC will unified the two holding companies, both banks will continue to operate independently, under separate names and brands, for the foreseeable future.
PeoplesBank and Cornerstone Bank Complete Merger of Holding Companies - Read MoreCustomers will experience no change in service.
It’s important to emphasize that this will not affect your banking experience in any way. Nothing will change for the customers of PeoplesBank, nor for the customers of Cornerstone Bank. There will be zero impact on your account information, debit cards, the processes you follow or the exceptional level of service you’ve come to expect from us. We’re the same people you know and trust, now with even more resources to provide the best banking experiences possible.
We are stronger and more capable than ever before.
Our focus is on the continued success of the bank and the best interests of our customers and communities. The decision to merge holding companies came after much due diligence and dialogue. Like PeoplesBank, Cornerstone is a mutual community bank with deep Massachusetts roots. Merging holding companies not only helps us remain resilient, but it also partners us with a dedicated, like-minded organization that shares our values and vision for the future.
We’re here to answer your questions.
We have always set out to make banking as simple as it can be, and that’s exactly what we intend to do throughout this process. We are eager to answer any questions you may have around the merger, and below, you will find a list of Frequently Asked Questions, to address any initial common concerns. As always, you may also send us a message at [email protected], give us a call, or come talk to us at a banking center if you have any additional questions.
We appreciate and value your business!
On behalf of all of us at PeoplesBank, we deeply appreciate your continued business. Thank you in advance for joining us in our enthusiasm about this exciting moment and the abundance of possibilities it brings our bank, our communities, and of course, our customers.
Frequently Asked Questions
PeoplesBank did not actually merge, but rather our holding company, PeoplesBancorp, MHC merged with SSB Community Bancorp, MHC, parent company of Cornerstone Bank. This decision came after much thought, discussion, and due diligence. Simply put, it strengthened our financial position and enhanced the long-term success of our bank. By combining the resources of the two holding companies, we can continue to make banking as simple as possible, now with even more opportunities to do so.
A Mutual Holding Company (MHC) is a parent company, which wholly owns the subsidiary bank(s). In a highly regulated industry such as banking, a holding company structure allows for more opportunities for growth, including by acquiring or developing another line of business. Both PeoplesBank and Cornerstone Bank, as Massachusetts stock savings banks, are now wholly owned subsidiaries of PeoplesBancorp, MHC.
With approximately $1.6 billion in assets and 11 locations throughout the central Massachusetts area, Cornerstone Bank is a community bank with deep Massachusetts roots. Like us, it’s a mutual bank and shares our core value of delivering the best banking experience possible. SSB Community Bancorp, MHC is Cornerstone’s mutual holding company. It’s important to understand that we merged with SSB Community Bancorp, MHC, not with Cornerstone. Cornerstone Bank will continue to operate as an independent bank.
No, this merger only affects our holding company. Both PeoplesBank and Cornerstone Bank will continue to operate as separate entities for the foreseeable future, with the same names, logos, and brands as before.
Neither. You'll still bank with the same people you know and trust. If anything, this decision reinforces the commitment to our charter as a mutual bank, and our ability to provide the best possible banking experiences to you and all who we serve.
It won’t. Your account information, debit cards, the processes you follow, and the level of service we provide will remain the same.
No. The exceptional, personalized service we provide day-in and day-out through our digital and in-person experiences will remain unchanged. You will still see the same friendly faces you know and trust at your local banking center, and you will still have access to the same products and services we currently provide.
Please reach out! We are excited to answer all your questions relating to this merger of holding companies. You may send us a message via email at [email protected], or come talk to us at a banking center.