NEWwbztv-small wbz-am-small 985-small mytv38web2
BOSTON MARATHON: LIVE MONDAY ON CBSBOSTON.COM, WBZ-TV & WBZ NEWSRADIO Read More

Local

Stoneham Savings Bank Merging With Salem Five

By Anthony Silva, WBZ NewsRadio 1030
View Comments
420x316-grad-silva Anthony Silva
Anthony Silva is co-host of the WBZ Afternoon News heard each wee...
Read More

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

STONEHAM (CBS) – “It’s a relief.” – Those are the words of Stoneham Savings Bank CEO Don Fournier, after he signed an agreement to merge with Salem Five, one of the largest community banks in the state.

Stoneham Savings has been struggling in recent years, and operating under FDIC orders to increase capital.

Under the agreement, Stoneham Savings will operate under its existing name for three years as a subsidiary of Salem Five, before changing its name.

Together, the combined bank will have almost 30 locations and more than $3 billion in assets.

WBZ NewsRadio 1030′s Anthony Silva reports.


View Comments
blog comments powered by Disqus