March 29, 2022

On March 28, 2022, Hometown Financial Group, Inc. Easthampton, Massachusetts, entered into a definitive merger agreement to acquire Randolph Bancorp, Inc., Quincy, Massachusetts. Randolph Bancorp stockholders will receive $27.00 in cash per share of Randolph Bancorp common stock for total merger consideration of approximately $146.5 million.  As a part of the transaction, Envision Bank, the wholly-owned subsidiary of Randolph Bancorp, will merge with and into Abington Bank, one of the wholly-owned banking subsidiaries of Hometown Financial Group.

Hometown Financial Group, Inc. is a $3.6 billion mutual multi-bank holding company headquartered in Easthampton, Massachusetts, and is the parent company of bankESB, bankHometown, and Abington Bank, which operate 33 branch offices located throughout Massachusetts and northeastern Connecticut.

Randolph Bancorp, Inc. is an $803 million holding company for Envision Bank and its Envision Mortgage Division. Envision Bank is a full-service community bank with five retail branch locations.

Luse Gorman is serving as legal counsel to Hometown Financial Group in the transaction.  The Luse Gorman team consists of Scott Brown, Lawrence Spaccasi, Kent Krudys, Marc Levy and Max Seltzer.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.