From Yahoo Finance: 2025-05-21 09:49:00

Hometown Financial Group has agreed to purchase CFSB Bancorp and Colonial Federal Savings Bank for $44m. Shareholders will receive $14.25 per share. The merger is set to conclude in Q4 2025 pending regulatory and shareholder approval. Colonial Federal will merge into North Shore Bank, creating a $3.3bn asset bank with 29 locations.

The branches of Colonial Federal in Quincy, Holbrook, and Weymouth will become part of North Shore Bank. The bank will be led by executive chairman Kevin M. Tierney, Sr. and president and CEO Michael R. Wheeler. This acquisition will increase Hometown Financial Group’s assets to $6.9bn and expand its branch network to 56 locations.

Hometown Financial Group’s CEO Matthew S. Sosik is excited about welcoming Colonial Federal’s customers, employees, and communities. CFSB and Colonial Federal Savings Bank president & CEO Michael E. McFarland believes customers will benefit from enhanced products, services, digital tools, and an expanded branch network. This marks Hometown Financial Group’s eighth merger in a decade.

Read more: Hometown Financial seals deal to buy CFSB Bancorp