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.