THE COMMONWEALTH OF MASSACHUSETTS BOARD OF BANK INCORPORATION

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 providing information for the hybrid hearing, including the online meeting software that will be used to conduct the hybrid hearing, will be available on the Divisions of Banks’ website at www.mass.gov/dob by noon on Monday, October 7, 2024. 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.

Board of Bank Incorporation:

MARY L. GALLAGHER
Commissioner of Banks

DEBORAH B. GOLDBERG
Board of Bank Treasurer and Receiver-General

GEOFFREY E. SNYDER
Commissioner of Revenue

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Worcester is one of the largest hubs in the country for African-born immigrants and refugees, with a population near 20,000. To help aid in their transition, Cornerstone Bank has pledged a total of $25,000 over a three-year period to support African Community Education’s (ACE) Living Together Campaign.

Based in Worcester, ACE empowers African refugee and immigrant youth through educational, leadership and cultural programming. Cornerstone contributed $5,000 this year and will donate $10,000 per year in 2025 and 2026. The funds will help ACE renovate its facility, expand its programs and services and ensure its long-term stability.

“We have proudly supported African Community Education’s work in previous years, but the need is great and growing, so we felt it was imperative to grow our support as well,” said Cornerstone Bank CEO Todd Tallman. “A three-year commitment provides the organization’s leadership with the opportunity to confidently plan future growth.”

According to ACE, about 30 percent of African-born immigrants and their children living in Worcester are within 200 percent of the poverty line. Currently, ACE is only able to serve 6.3 percent, leaving more than 5,000 people in critical need.

ACE programs include academic support and tutoring, English-language learning, enrichment and experiential learning activities, mentoring, family education, outreach, reading and career development.

Cornerstone Bank is once again proving its deeply rooted commitment to the economic well-being of the community it serves. The bank recently donated $5,000 to the Quaboag Valley Community Development Corporation (QVCDC), a non-profit organization that helps local small businesses grow and prosper.

Cornerstone’s donation is focused on giving low-to-moderate income residents unique access to financial security. The contribution goes to the QVCDC’s Harrison and Diane Quirk Financial Fitness Club, a program that offers a free, 12-month matched savings plan along with advice from professional advisors on spending, borrowing and reducing debt.

“This program not only sets participants up for personal financial growth, but it also has a direct impact on their families, and a positive ripple effect on the local economy,” said Cornerstone Bank CEO Todd Tallman. “Industry studies suggest that a healthy financial life leads to good mental and physical well-being.”

This donation marks Cornerstone Bank’s second gift to the Financial Fitness Club, which has generated positive results. Participants typically spend a year learning about how their relationship with money affects their lives. The program shows them how to make a habit of saving every month, sticking to a household budget and working to protect credit scores. 

“We’re thrilled to have a hand in helping individuals and families reach their financial goals,” said Tallman. “We’re confident the economic security people gain from the Financial Fitness program will lay the foundation for achieving even bigger dreams.”

Cornerstone Bank is proud to announce the 16 recipients of its 2024 scholarship awards program for local high school graduates. Each was awarded $2,500 to assist with college expenses, representing a total of $40,000.

“We are delighted to help local students further their education, and wish these 16 exceptional graduates continued success in their futures,” said Cornerstone Bank CEO Todd Tallman. “We extend our sincere congratulations to all members of the Class of 2024.”

The 2024 scholarship recipients are:

• Emma Auen from Shrewsbury High School, attending East Carolina University
• Nicholas Damelio from Shepherd Hill Regional High School, attending Boston College
• Madelyn Dugan from Notre Dame Academy, attending Saint Anselm College
• Kaelyn Donovan from Shepherd Hill Regional High School, attending Marist College
• Hailey Dunn from Doherty Memorial High School, attending Union College
• Thomas Fenlon from Wachusett Regional High School, attending Villanova University
• Nicholas Gillette graduated from Auburn High School, attending Wentworth Institute of Technology
• Patrick Harrington from Leicester High School, attending the University of Hartford
• Zachary Hebert from Shepherd Hill Regional High School attending Nichols College
• Avery Heppenstall from Wachusett Regional High School, attending Miami University
• Ellie Hill from Tantasqua Regional High School, attending Bridgewater State University
• Benjamin King from Wachusett Regional High School, attending College of the Holy Cross
• Emma Lord from Tantasqua Regional High School, attending Endicott College
• Ayla Messier from David Prouty High School, attending the University of Massachusetts Amherst
• James Queen from The Greenwood School, attending Gordon College
• Michael Rotondo from St. Johns High School, attending the University of Cincinnati

To be considered for a scholarship, each student had to:

• Be a 2024 high school graduate
• Anticipate being a full-time student at an accredited, degree-granting institution of higher education
• Anticipate studying in a business or financial field
• Demonstrate achievement and high standards in academics, extracurricular activities and community involvement
• Submit an official transcript and GPA from their guidance office
• Submit a one-page essay

To learn more about this year’s recipients, visit: https://bit.ly/3zIYi0q.

Cornerstone Bank recently welcomed Michael Gilchrist as its new vice president, controller. In this role, the Millbury resident will develop and execute the company’s financial vision, improve upon and develop new processes and controls, and lead the finance and accounting team. This includes providing insight and recommendations on current and new revenue streams and completing the annual budget.

“Michael is a great fit for this pivotal role in our organization’s future success,” said Cornerstone Bank CEO Todd Tallman. “He’ll be integral to improving our current financial systems and evaluating new systems that may better meet our future needs while shaping the overall finance and accounting functions for success in an ever-changing environment.”

With over 11 years’ experience in the field, Gilchrist has worked for various large public, private and private equity-held companies such as Staples, BJ's Wholesale Club, Milton CAT and Central Garden & Pet specializing in GAAP and SOX audit compliance as well as system and process improvements using a continuous improvement mindset.

Gilchrist is a graduate of Nichols College in Dudley with a degree in accounting, and volunteers on the Dorothy Pond Restoration Committee in Millbury.

Cornerstone Bank is a proud recipient of a 2024 Corporate Citizenship Award from the Boston Business Journal (BBJ). The awards are published annually to draw attention to organizations dedicated to supporting their communities through donations of time, money and service.

Cornerstone Bank’s contributions to regional charities totaled over $506,000 in 2023—well above the minimum $100,000 required to qualify for the list. It joins a diverse list of honorees this year, representing industries ranging from retail and professional sports to financial services, health care and technology. The businesses will be honored at the BBJ’s 18^th Annual Corporate Citizenship Awards event taking place Thursday, September 5, from 5:30 p.m. to 8:30 p.m. at the Seaport Hotel in Boston.

“We are proud to be recognized by the Boston Business Journal as one of the top contributors to regional charities,” said Cornerstone Bank CEO Todd Tallman. “At Cornerstone Bank, we pride ourselves on helping to improve the quality of life for our neighbors, customers and communities through charitable donations, scholarship programs and service.”

The evening will be a celebration of community, recognizing all the charitable contributors, the Alan B. Lewis | Alnoba CEO Social Leadership Award recipients and the 2024 Corporate Citizenship Community Collaboration Awardees, along with plentiful opportunities for connecting and networking.

“It is with honor that we present our list of the Top Charitable Contributors in Massachusetts,” said Boston Business Journal Market President and Publisher Carolyn Jones. “Collectively, they gave more than $423 million in cash contributions—a true example of the business community coming together to help those in need. We are proud to celebrate these organizations who give both money and time to make Boston a stronger and better place for all.

Giving a child a bike is great, but providing them the opportunity to earn it gives them so much more. Through Worcester Earn-a-Bike Inc., local youth volunteer five hours in the shop stripping donated bikes, organizing parts, helping others with bike repairs and learning how to use the tools safely. Then they can choose a bike from the organization’s inventory of repairable bikes to repair for themselves. Cornerstone Bank recently donated $1,000 to support this forward-thinking community program.

“We are so impressed with this innovative initiative for local youth,” said Cornerstone Bank CEO Todd Tallman. “Participants gain valuable hands-on skills, learn teamwork and develop leadership skills. When they earn their bike and build it up with their own hands, it becomes so much more than just a bike.”

Worcester Earn-a-Bike also hires paid youth mechanics through the Worcester Community Action Council. The youth mechanics help other kids and adults with bike repairs and serve as role models and mentors to new, younger kids who come to the shop.

The organization is also committed to encouraging bike riding as an empowering, economical and healthy alternative to car culture, hosting monthly community bike rides planned by the youth participants and open to the community. 

“It’s hard to tally all the benefits of this initiative, many of which are intangible,” said Tallman. “From self-confidence and pride in a job well done, to a sense of community and belonging, this can truly be a life-changing experience.” 

Donated funds will be used toward program expenses, which include a youth coordinator and shop coordinator who work a few hours a week, bike tools and parts, rent and insurance, and for monthly community bike rides.

To learn more about earning a bike or participating in Worcester Earn-a-Bike events, such as monthly community rides, visit facebook.com/worcesterearnabike.

This summer, Cornerstone Bank is hosting nine local students in its internship program. The goal is to provide them with hands-on experience that complements their studies and allows them to explore career opportunities and begin to build a professional network.

“We are committed to providing these bright students with solid work experience that integrates what they learn in the classroom with real-life experiences in a professional setting,” said Cornerstone Bank CEO Todd Tallman. “They gain valuable skills, work on meaningful projects and make professional connections. We also benefit from their enthusiasm and perspectives, so it’s a win-win situation.”

This year’s group of interns includes:

• Investment Services Intern Jack Gaudette from Sturbridge attends Elon University in North Carolina.
• Retail Intern Zach Hebert from Dudley attends Nichols College in Dudley.
• Commercial Lending Intern Collin Heenan from Holden attends Worcester State University.
• Community Relations Intern Reese Levansavich from Auburn attends Saint Anselm College in New Hampshire.
• Investment Services Intern Will Pieczynski from Fiskdale attends Villanova University in Pennsylvania.
• MIS (IT) Intern Sam Quink from Sturbridge attends the Rochester Institute of Technology in New York.
• Facilities Intern Jack Seery from Brookfield attends the University of Massachusetts Amherst.
• Community Relations Intern Kevin Skagerlind from Holden attends the University of Massachusetts Amherst.
• Learning and Development Intern Bella Smith from Sutton attends Assumption University in Worcester.

(Pictured left to right: Bella Smith, Reese Levansavich, Collin Heenan, Zach Hebert, Kevin Skagerlind, Will Pieczynski, Jack Seery, Sam Quink and Jack Gaudette.)

The Cornerstone interns attend an orientation on their first day before joining their respective departments and have regular check-ins to ensure they are getting what they want from their experiences. The students also have opportunities to engage in community support efforts, attend Cornerstone Bank events and network with each other.

“At the end of the summer, we ask them to reflect on their time with us and provide feedback,” said Tallman. “This allows us to continue to refine the internship program to make sure we are providing truly valuable experiences.” 

Cornerstone’s internship program started in 2021 and is open to high school and college students. It offers both part-time and full-time internships, with most students choosing to intern for 38 hours per week. Each intern goes through an interview process so that they can be placed into the department that best aligns with their goals and interests. All interns are paid and are eligible to get school credit upon completion of the program.

Students often experience a "summer slide," due to a lack of access to affordable programs that help them use and expand on what they learned in school. That’s why Cornerstone Bank recently donated $5,000 to the Mustard Seed Catholic Worker Community. The organization provides summer enrichment to rising third and fourth graders from Elm Park and Chandler Street Elementary schools.

“We believe all students need access to resources, mentors and opportunities to help them thrive,” said Cornerstone Bank CEO Todd Tallman. “We are proud to lend our ongoing support to the Mustard Seed organization and the academic, social and physical programs it offers.”

The summer enrichment program is designed to help students transition successfully to increased academic demands and achieve success. The program offers daily academics, activities, athletics and twice-weekly field trips to aid in the development of well-rounded individuals who will enter the next school year prepared to learn.

The program’s goals are to help students develop their communication skills with peers and staff, live a healthier lifestyle, feel a sense of belonging, adopt responsible decision-making skills, grow more confident, take pride in their work and understand the importance of asking questions. Cornerstone Bank donated $4,000 to the Mustard Seed Catholic Worker Community in 2023 and $3,000 in 2022.

Cornerstone Bank continues its long-term support of the YMCA of Central Massachusetts with another $25,000 donation to the organization’s annual campaign.

“We remain committed to supporting the essential work of the YMCA, whose programs and services make lives better right here in our own backyard,” said Cornerstone Bank CEO Todd Tallman. “This year’s donation brings our four-year total to $100,000, all of which is used to provide equitable opportunities for services for pre-k children through active older adults.”

This year’s YMCA campaign theme is “Empower, Engage, and Elevate,” and the goal is to raise $1.3 million. Funds support low- and no-cost initiatives around mental health, closing the educational gap, workforce and leadership development, food insecurity, cancer survivorship, after-school care, summer camp and more.

“At Cornerstone Bank, we support a community-based banking model and believe that our success is closely connected with the success of our entire community,” said Tallman. “We are especially passionate about assisting programs and services dedicated to helping local children and teens thrive, an area in which the YMCA excels. In addition, the Y’s LIVESTRONG® program and healthy meals initiatives assist many people when they need it most.”

To donate to the annual campaign and make a lasting impact on the 57 cities and towns the YMCA of Central Massachusetts serves, visit ymcaofcm.org/annual-campaign.