NEWBURYPORT — River Run Bancorp MHC and Rollstone Bank & Trust announce that all required regulatory approvals have been received and Rollstone Bank & Trust is officially a River Run Bank effective July 1.
RBT joins Newburyport Bank and Pentucket Bank under the River Run mutual holding company structure, solidifying its place in a growing, collaborative network of community-focused financial institutions.
This milestone marks the completion of the previously announced merger between Rollstone Bancorp, MHC, the mutual holding company of RBT, and River Run Bancorp, MHC.
With this union, River Run strengthens its position as a premier mutual community banking organization, with combined assets exceeding $3.6 billion and a broadened reach across northeastern and central Massachusetts and southern New Hampshire, according to officials.
“Today marks a new chapter for Rollstone Bank & Trust and for the entire River Run family,” said Lloyd Hamm, president and CEO of River Run. “We are excited to officially welcome Rollstone into the fold. Together, our three banks will continue to honor their local legacies while building a stronger, more resilient future for mutual community banking.”
Each of the three River Run Banks – Newburyport Bank, Pentucket Bank and Rollstone Bank & Trust – will continue to operate under their existing names and brands, retain local headquarters, leadership teams, and boards of directors, and remain deeply engaged in the communities they serve.
This transition also paves the way for previously announced leadership changes at RBT. Upon the retirement of long-serving President and CEO Martin F. Connors Jr., Mary Beth Jokela, current chief operating officer, will assume the role of president and chief operating officer – the first woman to lead RBT in its 179-year history. Connors will remain closely connected to the bank, serving as executive chairman of the RBT board of directors and as vice chair of the River Run board.
“This is a proud day for RBT and a win for our customers and community,” said Connors. “By joining forces with like-minded institutions under the River Run umbrella, we are preserving our mutuality and enhancing our capacity to serve well into the future.”
With this final step complete, River Run continues to demonstrate the strength of the multi-bank mutual model: preserving local identity and independence while unlocking the benefits of shared resources, operational efficiencies, and expanded offerings.
Established in 2023, River Run provides strategic support and shared resources to Newburyport Bank and Pentucket Bank. Learn more at www.riverrun.com.