Rollstone Bank & Trust becomes the third River Run Bank, joining Newburyport Bank and Pentucket Bank under a single mutual holding company.

River Run Bancorp, MHC (“River Run”) proudly announces that Rollstone Bank & Trust will be joining its network of mutual community banks through the merger of Rollstone Bancorp, MHC, the mutual holding company parent of Rollstone Bank & Trust, with and into River Run. Rollstone Bank & Trust (“RBT”) will become the third bank of River Run, alongside Newburyport Bank and Pentucket Bank.

This strategic partnership represents a significant step in bolstering and sustaining the mutual community banking model amid the evolving financial services landscape. The combined assets of Newburyport Bank, Pentucket Bank, and RBT will exceed $3.5 billion, enhancing their collective ability to serve the Northeastern and Central Massachusetts and Southern New Hampshire markets.

River Run was established in 2023 by Newburyport Bank and Pentucket Bank to create a multi-bank mutual holding company, which allows the banks to consolidate back-office operations, offer additional products and services, and achieve scale and efficiencies, all while continuing to prioritize customer and community engagement.

The addition of RBT further strengthens River Run as a prominent mutual community banking organization. Each bank will continue to operate under its established name and brand, retaining its local headquarters, management, retail and lending organizations, and charitable foundations. Each bank also will maintain its own Board of Directors. The River Run charter has provisions designed to ensure Newburyport Bank, Pentucket Bank, and Rollstone Bank & Trust will remain part of a mutual banking organization.

“We formed River Run to secure the independent community banking model for the future,” said Lloyd Hamm, President & CEO of River Run. “As community banks face challenges that could impact their long-term sustainability, River Run provides the structure for them to not only survive but thrive. We are thrilled to welcome Rollstone to the River Run family and are confident that, together with Newburyport Bank and Pentucket Bank, we will continue to support the evolution of community banking.”

Community mutual banks offer many benefits to consumers and businesses that differentiate them from other financial institution models. They offer competitive rates and fees and personalized service, and are committed to bettering the regions they serve.

In tandem with this announcement, RBT announces the upcoming retirement of its current President & CEO, Martin F. Connors, Jr., effective mid-2025, after which he will serve as the Executive Chairman of the Board for RBT for a two-year term. Connors will serve a Vice Chair and fill one of the four seats created on the River Run Board for RBT Directors.

“Since our founding as Fitchburg Savings Bank in 1846, the banking industry has evolved greatly and is currently undergoing tremendous consolidation. Through it all, we have served our customers and community with pride. Our dedication has never wavered, nor has our commitment to maintaining our mutuality,” said Connors. “Joining forces with Newburyport Bank and Pentucket Bank, and becoming part of the River Run family, will afford us the opportunity to enhance our service offerings and build an even stronger Bank for the future.”

RBT and River Run are excited to announce that upon Connors’ retirement, Mary Beth Jokela will be named President of Rollstone Bank & Trust, the first female President in RBT’s history. Mary Beth’s experience and leadership in her current role as Chief Operating Officer, and her relationships with the team and the community, have prepared her to pioneer RBT into this next chapter in the evolution of Rollstone.

Connors continued, “As I look forward to retirement in 2025, I can rest easy knowing RBT is in the capable hands of Mary Beth Jokela. As my successor, she will leverage the benefits of being part of the River Run family, lead the Bank in a positive direction, and ensure we maintain our mission to help families, businesses, and communities flourish.”

“I’m grateful to the Rollstone Board of Directors for giving me the opportunity to take on the role of President at Rollstone Bank & Trust. I would also like to extend a heartfelt thank you to Marty for his 20 years of leadership,” said Jokela. “The River Run partnership will benefit our customers and community, and I’m excited to lead the RBTeam through the transition.”

RBT also brings an established Wealth Management and Trust Services division to River Run. The division offers an array of Trust, Investment Management, and Estate Planning services to assist clients in planning their financial futures. Currently, RBT is the only locally-based bank in North Central Massachusetts to provide this comprehensive suite of services. The opportunity to expand this unique service offering to customers of all River Run banks further strengthens the River Run model for community banking.

RBT, chartered in 1846 and headquartered in Fitchburg, MA, brings over $900 million in assets to River Run. As a customer and community-focused institution, Rollstone Bank & Trust joins Newburyport Bank and Pentucket Bank in serving the region with dedication and excellence.

The merger has been unanimously approved by the boards of River Run, Rollstone Bancorp, MHC, and Rollstone Bank & Trust. The transaction is anticipated to close in the first half of 2025, subject to the receipt of all required regulatory approvals and other customary closing conditions.

K&L Gates LLP served as legal counsel to River Run while Loomis & Co. provided financial advice for the transaction. Luse Gorman, PC served as legal counsel to RBT.

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About River Run Bancorp, MHC

River Run was established in 2023 to unite leading mutual community banks under a single holding company. River Run’s mission is to foster a sustainable and independent community banking model for the benefit of its customers, employees, and communities. The River Run portfolio includes Newburyport Bank, Pentucket Bank, and will include Rollstone Bank & Trust, collectively serving the Northeastern and Central Massachusetts and Southern New Hampshire regions. Since its formation, River Run has served as a model for other mutual banks across New England and beyond. For more information, please visit www.riverrunmhc.com.

About Newburyport Bank

Newburyport Bank is a Massachusetts-chartered savings bank headquartered in Newburyport, MA. Founded in 1854, the Bank operates 11 locations in Massachusetts and New Hampshire and holds over $1.6 billion in assets. Deposits at Newburyport Bank are federally insured by the Federal Deposit Insurance Corporation (FDIC), with excess insurance provided by the Depositors Insurance Fund (DIF). Newburyport Bank, along with Pentucket Bank, is supported by the shared services organization of River Run. For more information, please visit www.newburyportbank.com.

About Pentucket Bank

Pentucket Bank is a Massachusetts-chartered savings bank headquartered in Haverhill, MA, that was founded in 1891 and has assets of over $1 billion. The Bank operates six community banking locations in Massachusetts and Southern New Hampshire. Along with Newburyport Bank, Pentucket Bank is supported by the shared services organization of River Run. For more information, please visit www.pentucketbank.com.

About Rollstone Bank & Trust

Rollstone Bank & Trust, headquartered in Fitchburg, MA, was established in 1846 and is a Federal Savings Bank with assets over $900 million. The Bank offers a wide range of banking services through branches in Fitchburg, Leominster, Harvard, Townsend, and Groton. For more information, please visit www.rollstonebank.com.

Join Leominster Credit Union on October 9, 2024 as we celebrate our new name (our new name will be unveiled on October 7) with special visit from Joe Andruzzi!

Do you want to learn more about AI and how it can help your business today? Join Wachusett Business Incubator for our FREE AI Symposium on October 3rd from 9-12 PM at the MWCC South Cafeteria! We will cover topics from AI applications for business operations and AI prompt engineering to ethical considerations in AI adoption.

Please register for the event here: https://tinyurl.com/4ykzh75s

 

Award recognizes the 100 most influential Latino/Hispanic leaders across Massachusetts

Gardner Mayor Michael Nicholson has been named one of the 2024 ALX100 recipients by Amplify LatinX.

Started in 2023, this award annually recognizes 100 of the most influential Latin-American leaders across Massachusetts.

“I’m truly honored to have been named one of this year’s ALX100,” said Mayor Nicholson. “I’m truly proud of my heritage and thankful for the sacrifices the members of my family made in coming to this country that allowed me to have all of the opportunities I’ve been given. I cannot thank my mother, grandparents, aunts, uncles, and all my family members enough for all that they have sacrificed for me to be where I am today”

In Gardner, and across Massachusetts, Latinos are the youngest, largest, and fastest-growing minority demographic in Massachusetts, making up 14.4% of the population statewide. According to the 2020 Census, the Hispanic/Latino population make up approximately 11% of the City’s residents. Additionally, data collected by Gardner Public Schools show that over 32% of students identify as Hispanic/Latino.

“I’m proud to be the first Latin-American elected official in Gardner’s history and of the work we’ve been able to accomplish over the last four years,” continued Mayor Nicholson. “Gardner is a growing and diversifying community. As we continue our work to build a stronger, more lively City, it’s important to ensure that all voices, perspectives, and backgrounds are heard. I look forward to seeing how we can continue those advancements in the future.”

Amplify LatinX is a non-partisan, collaborative non-profit with the mission of advancing Latino prosperity and leadership representation. Every year, Amplify LatinX honors 100 Latino leaders from across Massachusetts. The ALX100 includes some of the brightest Latino leaders — risk-takers, quiet disruptors, and outspoken advocates from all industry sectors who are impacting the future — today.

The ALX100 recognizes exceptional Latino leaders who have demonstrated excellence and have made significant contributions in their respective fields and communities. From unsung heroes to civic leaders to business trailblazers, we celebrate 100 of the brightest Latino changemakers from across the commonwealth.

Throughout the six-month ALX100 campaign, Amplify LatinX convenes and celebrates the ALX100 through events, a traveling museum exhibition featuring information on the 100 honorees, media partnerships, and a limited- edition keepsake book.

The full listing of this year’s ALX100 honorees is available on the Boston Globe website and will be printed in the Sept 15, 2024 issue of the Globe Magazine.

Additionally, over the next six months, additional events will be held as the traveling museum exhibit about the 100 honorees moves around the Commonwealth. A full listing of this year’s honorees can be found here: https://www.bostonglobe.com/2024/09/12/magazine/top-100-list-of-latino-and-hispanic-leaders/

 

Rollstone Bank & Trust, through its Charitable Foundation, provided $10,000 to the North Central Massachusetts chapter of Habitat for Humanity, for its Critical Repair program. Proceeds will support projects across the region that allow low-income homeowners to maintain a safe place to live so they may stay in their homes.

Martin F. Connors, Jr., President & CEO of Rollstone Bank & Trust, said, “Habitat is a great organization, providing our neighbors with the most basic necessity – a roof over their heads.” Connors continued, “It’s the mission of RBT to help families, communities, and businesses flourish, so we’re proud to support a program that is vital to the health and well-being of families in our community.”

“We are very thankful for Rollstone Bank & Trust’s generous donation to help us to repair homes in our local region”, stated Carolyn Read, Executive Director of Habitat for Humanity North Central Massachusetts, Inc.  “The critical home repair program helps low-income seniors, individuals, and families remain in their existing affordable homes through repairs to address accessibility, safety, weatherization, and age. This grant will help us keep our neighbors safe and warm in their homes for years to come.”