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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