Cornerstone Bank and Athol Savings Bank Merge
Cornerstone Bank is continually taking steps to grow stronger for our employees and our communities– and to ensure our long-term financial security for our customers.
Cornerstone Bank, a subsidiary of PeoplesBancorp, MHC, and Athol Savings Bank announced today the execution of a merger agreement, pursuant to which Athol Savings Bank (“ASB”) will merge with and into Cornerstone Bank, which will expand Cornerstone into a new and vibrant region in North Central Massachusetts. As part of the merger, ASB will operate as a division of Cornerstone Bank, maintaining its name and five branch locations. This strategic move allows Cornerstone Bank to bring its full suite of digital banking services and customer-focused innovations to an expanded clientele, while preserving the trusted local brand that ASB has built.
We are stronger and more capable than ever before.
ASB’s strong financial performance and customer-first approach aligns well with Cornerstone’s commitment to growth and innovation. Customers can expect the same seamless, local service with even better technology and improved access to financial planning tools on a robust digital platform, elevating their overall banking experience.
Pending approval, this partnership will begin in early 2026.
Exact merger dates will be announced pending regulatory and other required approvals; however, the transaction will likely occur near the start of 2026.
We’re here to answer your questions.
We have always set out to make banking as easy as it can be, and that’s exactly what we intend to do throughout this process. We will communicate as much information with you as possible, as quickly as possible. We are eager to answer any questions you may have around the merger, and below, you will find a list of Frequently Asked Questions, to address any initial common concerns. As always, you may also send us a message at marketing@cornerstonebank.com, give us a call, or come talk to us at a branch if you have any additional questions.
We appreciate and value your business!
On behalf of all of us at Cornerstone Bank, we deeply appreciate your continued business. Thank you in advance for joining us in our enthusiasm about this exciting moment and the abundance of possibilities it brings our bank, our communities, and of course, our customers.
Customers will experience no change in service.
FAQs
Why is Athol Savings (ASB) merging with Cornerstone Bank?
Both banks boast a strong financial performance and are aligned in terms of their missions and core values, as well as their commitment to mutuality. The synergy between ASB and Cornerstone will enhance operational efficiency, expand product offerings, and improve customer service through shared resources and technology.
The combined scale allows for greater lending capacity, stronger capital positions, and better resilience in a competitive financial landscape. Together, we can achieve strategic growth while maintaining a community-first approach rooted in mutual values.
This strategic move allows Cornerstone to bring its full suite of digital banking services, new lines of business, and customer-focused innovations to an expanded clientele, while preserving the trusted local brand that ASB has built.
When will the merger take place?
Exact dates will be announced pending regulatory and other required approvals; however, we are hopeful the transaction will be complete near the start of 2026.
Will the ASB name change?
Athol Savings Bank will retain its name for the immediate future, with the addition of “A Division of Cornerstone Bank”.
Will ASB leadership be incorporated into Cornerstone Bank?
We appreciate the expertise and local knowledge the ASB executive team brings to bear and plan to retain it. ASB President & CEO Dan Zona will become the President of Cornerstone Bank, replacing Cornerstone Bank President Randy Webber, who is retiring. Dan will report to Cornerstone Bank CEO Todd Tallman. Other senior leaders at ASB are also being offered positions at Cornerstone.
In addition, the Cornerstone Bank Board of Directors will expand to welcome four new members from ASB, including Dan Zona, as part of this growth.
Will there be changes to ASB staffing?
Customers can expect to see the same faces at their local branches. All ASB employees will be invited to remain as employees of Cornerstone Bank in the same or comparable roles.
Are there plans to close any branches?
There are no plans to close any of the five ASB branches or 12 Cornerstone branches.
What can customers expect?
Our goal is to make the transition as seamless and transparent as possible for everyone. Most changes will occur behind the scenes as we combine our systems and processes. Any necessary changes once the merger is complete will be communicated well in advance.
Do we anticipate a system conversion with the merger?
Yes. Sometime in the first half of 2026, we expect to convert ASB onto the Cornerstone core system. Fortunately, ASB currently runs a similar technology infrastructure as Cornerstone, so it will look very similar for most staff members. However, some products and services may change.
What if I have more questions?
Please reach out! We are excited to answer all your questions relating to this merger. You may send us a message via email at marketing@cornerstonebank.com or better yet, come talk to us at a branch location.
Translate