On July 12, 2016, Marlborough Savings Bank (“Marlborough”), Marlborough, Massachusetts, and North Middlesex Savings Bank, (“North Middlesex”), Ayer, Massachusetts jointly announced that North Middlesex will merge with and into Marlborough. The resulting institution will change its name as a part of the transaction. Under the terms of the merger agreement, the board of Marlborough following the merger will be comprised of eight members of the Marlborough board and seven members of the North Middlesex board. Richard K. Bennett will also serve as Chief Executive Officer of the resulting institution while Walter J. Dwyer, IV will serve as President.
Luse Gorman served as legal counsel to Marlborough in the transaction. The Luse Gorman team was led by Scott Brown and Kent Krudys (Corporate/M&A) and Jeff Cardone (Executive Compensation).
Marlborough, an independent mutual savings institution founded in 1860, operates seven banking offices in Hudson, Marlborough, Northborough, Southborough, Sudbury and Westborough, Massachusetts.
North Middlesex, an independent mutual savings institution founded in 1885, operates seven banking offices in the Nashoba Valley region of Massachusetts.