Adams Community, Pittsfield Co-op Banks Announce Merger
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.
The current chairmen of each bank's board of directors — Jeffrey Grandchamp of Adams Community and John Martin of Pittsfield Cooperative — will serve as co-chairs and create a unified governance structure that represents both institutions.
"By bringing our banks together, we will have more capital to invest, deeper experience supporting businesses, individuals, and families, and the same commitment to keeping decisions where they belong — locally in the region," said Levante in a statement. "The next phase focuses on expanding our infrastructure, moving to a new headquarters, aligning our products, and transitioning to a single core system so we can operate more efficiently and support our customers and communities well into the future."
The combined institution will be uniquely positioned as a centrally located, locally focused community bank dedicated to serving the businesses, individuals, and families of the region, bank officials said.
The headquarters of the new entity will be 99 West St. in Pittsfield, recently purchased by Pittsfield Co-operative Bank. A new name and brand are being developed to honor the values, history, and distinct contributions of both organizations.
Both financial institutions have more than a century of history in the region. Pittsfield Co-op was established in 1889, and has seen tremendous growth in the 21st century. Adams Savings is the result of a merger of South Adams Savings, established in 1869, and Adams Co-operative Bank, which dates to 1895. The two banks combined in 2011 and with Lenox National Bank in 2015.
The bank will continue to invest in local businesses and nonprofit organizations to support its customers and communities. All customer deposits will continue to be fully insured through the FDIC and the Depositors Insurance Fund (DIF).
The merger is subject to customary state, federal and governance regulatory approvals.
Nutter McClellan & Fish LLP served as legal counsel for Adams Community Bank. Luse Gorman, P.C. served as legal counsel to Pittsfield Cooperative Bank. Piper Sandler provided strategic consulting for both institutions.
"By uniting two mutually owned community banks with deep roots in the Berkshires, we are creating a strong partnership for our customers, employees, and communities," said Michael Daly, Pittsfield Co-op CEO, in a statement. "Together, we are preserving the vision that defines community banking while building on our shared commitment to this region.
"Our combined institution will bring added strength and investment to the Berkshires, positioning us to lead the next generation of community banking with a talented and dedicated leadership team."
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