ADAMS, Mass. — Two local banks are joining forces to create a financial institution with nearly $1.5 billion in assets.

 

The boards of directors at both Adams Community Bank and Pittsfield Cooperative Bank announced on Monday a strategic merger expected to be completed by late fall.

 

According to a statement from bank officials, the combination reflects a strategic partnership between two well-positioned community banks — each strong enough to remain independent, coming together with a shared vision to better serve the Berkshires. 

 

The combined institution will operate as a mutual banking organization with nearly 200 employees and 15 full-service branches serving communities throughout the Berkshire County.

 

"This milestone marks an important step forward for both of our institutions," said Adams' CEO Julie Fallon Hughes. "It reflects the shared values that have guided both our banks for generations and the trust our customers place in us every day. Our employees will play a critical role in bringing these two organizations together, serving as stewards of our mission and ambassadors in the communities we call home. 

 

"As we move forward, our focus is on building a unified organization that honors our legacies while expanding our ability to serve our customers and communities."

 

Hughes will be CEO of the merged Adams Savings' mutual holding company, Pittsfield Co-op's President Gregg Levante and Adams' Chief Operating Officer Andre Charbonneau will continue in those positions in the new entity.