Hometown Financial to buy Primary Bank, shift to stock structure

Hometown Financial Group has agreed to get Primary Bank successful a woody valued astatine astir $160m, expanding its beingness successful confederate New Hampshire.

The institution besides approved a program to person from a communal holding institution operation to a banal holding institution structure.

The moves physique connected Hometown's program to harvester bankESB, bankHometown and TruNorth Bank nether the TruNorth Bank sanction successful August, pending approvals.

Under the merger agreement, Primary Bank shareholders volition receive, for each stock of communal stock, either $33.00 successful currency oregon $31.00 successful banal from Hometown Financial Group, a recently formed Maryland corp and successor to Hometown.

Half of Primary's outstanding shares volition beryllium converted into currency and fractional into stock.

The acquisition adds astir $743m successful assets and 4 New Hampshire branches.

At closing, TruNorth Bank volition person 59 retail locations crossed Massachusetts, confederate New Hampshire and northeast Connecticut.

Primary Bank's Bedford, Derry, Manchester and Nashua branches volition run arsenic TruNorth Bank.

The woody is Hometown Financial Group's ninth strategical merger successful 10 years.

The committee of trustees of Hometown Financial Group, MHC (Hometown MHC) adopted the conversion program connected 6 July 2026.

As portion of the conversion, Hometown MHC and Hometown volition cease to exist, and TruNorth Bank volition go a wholly owned subsidiary of Hometown Financial Group.

The institution volition connection shares to TruNorth Bank depositors and definite insiders done a subscription offering and, if needed, different offering formats.

Eligible relationship holders, arsenic of 30 June 2025, volition get archetypal precedence non-transferable subscription rights.

Depositors of Primary Bank volition not person precedence subscription rights.

The fig of shares to beryllium issued volition beryllium based connected an autarkic appraisal of the Company's pro forma marketplace value.

Hometown volition besides make a charitable instauration funded with shares adjacent to 4% of those sold successful the offering.

The merger and conversion are expected to adjacent unneurotic successful the archetypal 4th of 2027, taxable to regulatory and shareholder approvals.

Primary Bank customers volition besides summation entree to owe products and services from Hometown Mortgage, which volition beryllium renamed TruNorth Mortgage successful August.

"Hometown Financial to bargain Primary Bank, displacement to banal structure" was primitively created and published by Retail Banker International, a GlobalData owned brand.