Hometown Financial Group completes acquisition of Randolph Bancorp; Welcomes Envision Bank into Abington Bank
Hometown Financial Group, Inc., the multi-bank mutual holding company for bankESB, bankHometown, and Abington Bank, has completed its acquisition of Randolph Bancorp, Inc. (NASDAQ: RNDB), the bank holding company for Envision Bank. Under the agreement, the acquired Envision Bank branches have been rebranded as Abington Bank.
“We’re thrilled to welcome Envision Bank employees and customers into the Abington Bank family,” said Hometown Financial Group CEO Matthew S. Sosik. “As we more than double our presence in eastern Massachusetts and expand our unique brand of community banking, we are excited to bring these combined resources to the customers and employees of Envision Bank to help unlock their potential.”
Abington Bank now has $1.4 billion in assets and 10 branches located throughout the South Shore and South Coast, adding offices in Braintree, Randolph, and two in Stoughton to its existing network of offices in Abington, Avon, Holbrook, Marion, and two in Cohasset.
“I look forward to getting to know the Envision Bank customers, employees, and their communities in the months ahead,” said Abington Bank President & CEO Andrew J. Raczka. “I am passionate about fulfilling our promise to deliver individualized financial solutions, enhanced smart banking tools and technology, and increased business lending capacity. At the same time, this will enable us to broaden our commitment to giving back to the communities we serve through our charitable giving program, The Giving Tree.”
The transaction likewise expands Hometown Financial Group’s market presence in eastern Massachusetts, bringing consolidated assets to $4.5 billion with 37 branches located throughout Massachusetts and northeastern Connecticut.
“Hometown Financial Group’s focus on innovation and technology will help meet the evolving needs of customers by providing greater access to digital banking tools and an expanded branch network,” said Randolph Bancorp President and CEO William Parent. “These enhancements will improve the customer experience and create a stronger competitor in eastern Massachusetts.”
In addition, Envision Mortgage, with offices in Braintree, North Attleboro, and Westport, will join Hometown Financial Group within the newly formed Hometown Mortgage. As a division of bankESB, a Hometown Financial Group company that also includes bankHometown and Abington Bank, Hometown Mortgage will leverage its combined strength, an internal shared services model, and investments in technology to work with borrowers and homeowners across Massachusetts, Connecticut, and neighboring states. Its mission is to make home financing simple and stress-free by helping potential borrowers unlock the right home financing solution for their unique needs. At the same time, a commitment to community banking and local roots means that Hometown Mortgage can focus on the unique needs of those who live and work in the communities we serve.
Hometown Financial Group has added former Randolph Bancorp director Kenneth Quigley to both its board of directors and the board of Abington Bank. In addition, Parent will join Hometown Financial Group as its chief strategy officer.
This transaction is the sixth strategic merger for Hometown in the last seven years. In 2015, Hometown acquired Citizens National Bancorp., Inc., based in Putnam, Connecticut, and then merged with Hometown Community Bancorp., MHC, the holding company for Hometown Bank, in 2016. It then acquired Pilgrim Bancshares, Inc., and Abington Bank in 2019, and later that same year acquired Millbury Savings Bank.