Rollstone Bank & Trust becomes the third River Run Bank, joining Newburyport Bank and Pentucket Bank under a single mutual holding company.
Newburyport, MA and Fitchburg, MA – October 1, 2024 – 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.
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.
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.