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Hometown Financial Group, Inc. Announces Agreement to Acquire Primary Bank and Plan for Mutual-to-Stock Conversion
Hometown Financial Group, Inc. ("Hometown"), the holding company for bankESB, bankHometown, and TruNorth Bank (collectively referred to as "TruNorth Bank"), today announced that it has entered into a merger agreement to acquire Primary Bank (OTCM: PRMY), a publicly-traded commercial bank based in Bedford, New Hampshire, in a transaction that will expand Hometown's presence in southern New Hampshire. The Board of Trustees of Hometown Financial Group, MHC ("Hometown MHC") has also unanimously adop
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EASTHAMPTON, Mass. and BEDFORD, N.H., July 6, 2026 /PRNewswire/ -- Hometown Financial Group, Inc. ("Hometown"), the holding company for bankESB, bankHometown, and TruNorth Bank (collectively referred to as "TruNorth Bank"), today announced that it has entered into a merger agreement to acquire Primary Bank (OTCM: PRMY), a publicly-traded commercial bank based in Bedford, New Hampshire, in a transaction that will expand Hometown's presence in southern New Hampshire. The Board of Trustees of Hometown Financial Group, MHC ("Hometown MHC") has also unanimously adopted a Plan of Conversion to reorganize from the mutual holding company structure to the stock holding company structure. These proposed transactions build on Hometown's previously announced plan to merge its three banks and unite under the TruNorth Bank name, which, subject to the receipt of all regulatory approvals, is scheduled to occur in August, and will deliver greater scale, expanded capabilities, and more resources for customers, employees, and communities. Acquisition of Primary BankUnder the terms of the merger agreement, which has been unanimously approved by both companies' boards of directors, Primary Bank shareholders will receive, for each share of Primary Bank common stock, either $33.00 in cash or $31.00 in shares of stock issued by Hometown Financial Group, Inc., a newly formed Maryland corporation, which will be a successor to Hometown, subject to the requirement that 50% of the outstanding shares of Primary common stock be converted into the cash consideration and 50% be converted into the stock consideration. The total transaction value is approximately $160 million. The acquisition will add approximately $743 million in assets and four New Hampshire locations to TruNorth Bank's 55-branch network, including its existing Newton, New Hampshire, branch. At closing of the acquisition, Hometown will grow to 59 TruNorth Bank retail locations across Massachusetts, southern New Hampshire, and northeast Connecticut. Primary Bank's branches in Bedford, Derry, Manchester, and Nashua will operate under the TruNorth Bank name. Customers of both banks will benefit from broader access to banking services and digital solutions, a larger branch and ATM network, and expanded lending capabilities. "We're thrilled to welcome Primary Bank's customers, employees, and communities to Hometown Finan...