North Shore Bank and Saugusbank Merge

North Shore Bank and Saugusbank announced this week the completion of their merger on Monday, September 1.

The combined entity will operate as North Shore Bank – a $680 million financial institution serving more than 20,000 consumers and businesses while operating out of 11 full-service branches in eight eastern Massachusetts communities.

In accordance with the terms of the merger, North Shore president and CEO David J. LaFlamme will serve as Chief Executive Officer of North Shore Bank and its parent North Shore Bancorp. Saugusbank President and CEO, Kevin M. Tierney, Sr. will assume the role of President and Chief Operating Officer of both the bank and the Bancorp.

“We’re obviously quite thrilled about our partnership — bringing together the staffs of Saugusbank and North Shore Bank,” said LaFlamme. “Our organizations are extremely similar culturally and we anticipate that the two banks will integrate seamlessly.”

North Shore Bank is a full-service community bank based in Peabody and serving the personal and business banking needs of the North Shore, eastern Massachusetts and southern New Hampshire. Established in 1888, the bank operates out of eleven area offices, located in Beverly, Danvers, Middleton, Peabody, Salem and Saugus.