Press release submitted by Rollstone Bank & Trust
Rollstone Bank & Trust is excited to announce that we have entered into an agreement to join River Run Bancorp (River Run), Mutual Holding Company (MHC). RBT will be the third community bank of River Run, alongside Newburyport Bank and Pentucket Bank.
Lloyd Hamm (left), President & CEO of River Run, and Marty Connors, President & CEO of RBT. (Courtesy photo)
This strategic partnership represents a significant step in bolstering and sustaining the mutual community banking model amid the evolving financial services landscape. The combined assets of Newburyport Bank, Pentucket Bank, and RBT will exceed $3.5 billion, enhancing our collective ability to serve markets in Northeastern and North Central Massachusetts, as well as Southern New Hampshire.
As strong, secure, and long-standing community banks, with similar cultures and proud commitments to mutuality, we have agreed to merge our holding companies and bring Rollstone under the River Run umbrella, pending regulatory approval. Rollstone will remain an independent entity, maintaining our name and brand. This means that RBT will continue to carry out our mission to help the people, organizations, and businesses of our community flourish.
Your banking relationship with us will not change. We will continue to work hard each day to serve as your trusted financial partner and assist you in achieving your financial goals. You will receive the same top-notch service you’re accustomed to at RBT and you can continue to reach out to us with any questions that you may have.
We remain as committed as ever to serving our local region. Rollstone Bank & Trust headquarters will remain in Fitchburg and all branch locations will continue to operate as they do today. The partnership with River Run further strengthens our ability to help individuals, families, and businesses. Rollstone Bank is not being bought or sold; this is not a bank level merger, but rather a change to the corporate structure.
RBT’s President & CEO, Martin F. Connors, Jr., will soon retire from his role. Upon retirement, he will become Executive Chair of the Board of Directors for Rollstone and will also serve as Vice Chair of the River Run Board, so that he may represent the best interests of Rollstone Bank and its customers. Mary Beth Jokela will succeed Connors as President of RBT. She has been with the Bank since 2020, leading the team through complex technology upgrades. Jokela is a lifelong resident of the North Central MA area and will be the Bank’s first female President.
This mutually beneficial partnership at the holding company level enhances the existing strength of each organization. It allows for collaboration, shared services, and pooled resources between the banks to better meet the needs of our customers in an evolving banking landscape. By leveraging our combined resources, you will have access to more banking tools, services, and technologies to help you manage and improve your financial future.
The other two banks of River Run share our long history and personalized approach to community banking, as well as our commitment to mutuality. With closely aligned values and missions, we will pool resources to strengthen our position in the financial services space so that we can continue to serve our customers and communities.
We understand that you might have some questions about this news. Below are answers to some commonly asked questions.
Why are we doing this? What is the benefit to Rollstone Bank & Trust?
Combining our holding companies benefits all three banks involved and everyone we serve. We will have the ability to share resources and expand the services we offer our customers, while allowing each bank to exist independently. The current economy and banking industry are very challenging; we must be thoughtful and creative to ensure long-term success. Combining with like-minded institutions provides additional financial and strategic strength and allows for better collaboration and leveraging of resources. Rollstone, Newburyport Bank, and Pentucket Bank are all strong and financially healthy banks; this partnership supports further growth and success for all of us.
Will there be any change for our customers or communities? Will my accounts stay at Rollstone Bank?
It will be “business as usual” for all RBT customers. Your banking relationship will continue in the same manner in which it currently exists with no change to your accounts, account numbers, PIN numbers, etc. We will also continue to support our communities as we have, through philanthropy, volunteerism, and community involvement.
Will Bank leadership change?
Yes and no. Marty Connors will be retiring as RBT President & CEO and will take on the new role as Executive Chair of the Bank’s Board of Directors. Mary Beth Jokela, a Fitchburg native and member of the RBTeam since 2020, will assume the position of RBT’s President.
Is Rollstone Bank being acquired?
No. Rollstone Bank & Trust will continue to operate independently, with the same locations serving their local communities. RBT is simply joining the River Run family.
Will RBT become a stock bank after this transaction?
No. RBT and its Board of Directors are committed to maintaining the Bank’s mutuality. The other banks in the River Run family hold that same commitment, which is part of what makes this a great fit.
What is a Mutual Holding Company and how does this structure affect the Bank?
A Mutual Holding Company (MHC) is a parent company, which wholly owns the affiliated bank(s). In a highly regulated industry such as banking, a holding company structure allows for more opportunities for growth, including acquiring and/or developing other lines of business. As a mutual bank, Rollstone Bank & Trust does not have outside shareholders and is owned by its depositors.
What is the timeline?
The merger is pending regulatory review and approval of the holding company merger agreement. We anticipate that the official closing for the agreement will take place in mid-2025.
Will my Rollstone deposits remain insured?
Yes, 100% of your deposits will continue to be insured by our unique combined insurance coverage offered through the FDIC and DIF.