- Division of Banks
PeoplesBancorp, MHC, Holyoke, Massachusetts, the mutual holding company for PeoplesBank, Holyoke, Massachusetts, has petitioned the Board of Bank Incorporation (Board) pursuant to Massachusetts General Laws chapter 167A, sections 2 and 4, for approval to acquire SSB Community Bancorp MHC, Spencer, Massachusetts (SSB MHC) and SSB Community Bancorp Inc., Spencer, Massachusetts (SSB Bancorp). SSB MHC and SSB Bancorp are the mutual holding company and subsidiary holding company, respectively, of Cornerstone Bank, Spencer, Massachusetts. Upon consummation of the proposed transaction, PeoplesBancorp, MHC would become a bank holding company and would be the mutual holding company for both PeoplesBank and Cornerstone Bank. PeoplesBancorp, MHC would rename SSB Bancorp as PeoplesBancorp, Inc. and operate PeoplesBancorp, Inc. as a subsidiary holding company holding both PeoplesBank and Cornerstone Bank.
In determining whether or not to approve this petition the Board must decide whether competition among banking institutions will be unreasonably affected and whether public convenience and advantage will be promoted by this proposal. A hybrid public hearing will be given to all interested parties on the petition before the Board on Tuesday, October 8, 2024, at 11:00 a.m., 1000 Washington Street, First Floor, Hearing Room 1-D, Boston, Massachusetts. The link to join remotely is below.
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While it is not necessary to pre-register to provide oral testimony, anyone who emails their intention to provide oral testimony at the hearing in advance will receive preference in the order of testimony provided. Such optional notice must include the person’s name, telephone number, and email address. Please send via email to dob.comments@mass.gov by Friday, October 4, 2024. In addition, written testimony can also be provided in advance via email to dob.comments@mass.gov. If there are any questions, please contact the Division’s Legal Unit at 617-956-1520.
All comments concerning this petition must be filed with the Board at 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400 or via electronic mail to dob.comments@mass.gov by the close of business on Wednesday, October 16, 2024. The application and all communications relative to this matter are available by request at dob.rao@mass.gov.