Weymouth-Based Bank Merger to Create $500 Million Bank

Weymouth-based S-Bank and Scituate Federal Savings Bank have announced plans to merge and create a $500 million mutually held bank.

Scituate Federal CEO Richard Rowe said in a statement that the bank would remain a mutual, according to the Boston Business Journal.

The bank is will have nine branches with no layoffs expected. The deal will likely be completed in the fourth quarter.