December 3, 2018

Ex-Suffield lender's merger complete

Photo | Contributed
Photo | Contributed
PeoplesBank Chairman and CEO Tom Senecal.

Suffield's former First National Bank is now officially a unit of a western Massachusetts community lender.

PeoplesBancorp, MHC, parent of PeoplesBank, based in Holyoke, says it formally completed Friday its previously announced $60 million cash buyout of First National. The deal was announced in July.

PeoplesBank Chairman and CEO Tom Senecal said the Connecticut lender is now called First Suffield Bank, a division of PeoplesBank. The combined organization counts about $2.8 billion in assets and $1.9 billion in deposits.

First Suffield has four branches in Suffield, West Suffield, East Granby and Windsor Locks. PeoplesBank, a mutual lender founded in 1885 and owned by its depositors, has 20 bank offices in Hampden and Hampshire Counties, Mass.

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