**Cornerstone Bank and Athol Savings Bank Announce Merger, Creating $2.4 Billion Institution**
Worcester, MA – Cornerstone Bank, a subsidiary of PeoplesBancorp, MHC, has announced a merger with Athol Savings Bank (ASB). The combined institution will operate under the Cornerstone Bank umbrella, with ASB continuing to serve customers under its current name and maintaining all five of its branch locations. Together, the banks will manage assets totaling $2.4 billion.
“This is an incredibly exciting time for us,” said Todd Tallman, CEO of Cornerstone Bank. “We are growing. Athol Savings Bank has a great team, and its mission, values, and commitment to mutuality align seamlessly with ours. This move will strengthen our ability to serve our communities while preserving our focus on customer service. Our combined scale will make us more efficient, expand product offerings, and improve customer service through shared resources and technology.”
As part of the merger, Daniel J. Zona, current president and CEO of ASB, will become president of Cornerstone Bank. He succeeds Randal Webber, who announced his retirement in March.
This strategic merger brings together two community-focused financial institutions with a shared commitment to local service, positioning the unified bank for continued growth and innovation.
