On June 18, 2024, PeoplesBancorp, MHC, Holyoke, Massachusetts, and SSB Community Bancorp MHC, Spencer, Massachusetts, announced their agreement to form a strategic partnership through the merger of PeoplesBancorp, MHC and SSB Community Bancorp MHC. PeoplesBank and Cornerstone Bank, the bank subsidiaries of PeoplesBancorp, MHC and SSB Community Bancorp MHC, respectively, will remain independent entities under a mutual multi-bank holding company.

PeoplesBank has 18 banking centers offices and approximately $4.4 billion in assets.

Cornerstone Bank has 11 branch locations and approximately $1.6 billion in assets.

Luse Gorman is serving as legal counsel to PeoplesBank in the transaction. The Luse Gorman team consists of Scott Brown, Max Seltzer, Larry Spaccasi, Kent Krudys, and Keeler Fina.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past seven 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.