Hometown Financial Group, Inc. Announces Agreement to Acquire Primary Bank and Plan for Mutual-to-Stock Conversion

July 7, 2026 - 03:15

Hometown Financial Group, Inc., the parent company of bankESB, bankHometown, and TruNorth Bank, has announced a definitive agreement to acquire Primary Bank. The deal also includes a plan for a mutual-to-stock conversion, marking a significant strategic shift for the organization.

Under the terms of the agreement, Primary Bank will merge into Hometown's existing banking network. The transaction is expected to expand Hometown's footprint and customer base, particularly in the New England region where Primary Bank operates. Financial details of the acquisition were not disclosed.

In conjunction with the acquisition, Hometown announced its intention to convert from a mutual holding company structure to a fully public stock company. This conversion will allow the company to raise capital by issuing shares, which could be used to fund further growth, invest in technology, or strengthen its balance sheet. The process is subject to regulatory approvals and a vote by eligible members.

The combined entity will have a stronger presence in commercial lending, small business banking, and community-focused financial services. Hometown's leadership stated that the move aligns with their long-term strategy to build scale while maintaining a local banking approach. The transaction is expected to close in the second half of the year, pending customary conditions and regulatory clearances.