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Nutter Advises Hometown Financial Group in Pending Acquisition of Pilgrim Bancshares

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07.27.2018 | Press Release

Boston, MA – Nutter is representing Hometown Financial Group, Inc., the bank holding company of bankESB (Easthampton, MA) and bankHometown (Oxford, MA), in connection with its pending acquisition of Pilgrim Bancshares, Inc., a Maryland corporation and the bank holding company of Pilgrim Bank, a Massachusetts-chartered co-operative bank headquartered in Cohasset, MA.

Jay Cabral led the Nutter legal team, which included Ken Ehrlich and Mike Krebs, co-chairs of Nutter’s Banking and Financial Services practice group, and Matthew Hanaghan and Blake Tyler on corporate and bank regulatory matters; Crescent Moran Chasteen on executive compensation matters; Michael Mooney and Erin Whitney on tax matters; David Rubin on labor matters; and Gary Gill-Austern and Mark McCarthy on environmental- and real estate-related matters.

The total value of the transaction is approximately $53.9 million. Under the terms of the agreement, shareholders of Pilgrim Bancshares, Inc. will receive $23.00 in cash per share. The parties expect to close the transaction early in the first quarter of 2019, subject to receipt of all required regulatory approvals, approval by the shareholders of Pilgrim Bancshares, Inc. and the satisfaction of other customary closing conditions. Please click here for more information on the transaction.

Hometown Financial Group, a $2.1 billion mutual holding company headquartered in Easthampton, Massachusetts, is the parent company of bankESB and bankHometown. Both banking franchises offer a complete line of commercial, business, and consumer banking and lending products and services to customers through its 23 branches located throughout western and central Massachusetts and northeastern Connecticut. For more information on Hometown Financial Group please visit http://www.bankhfg.com.

Nutter’s Banking and Financial Services practice group is ranked by Chambers and Partners as among the top banking practices in the nation. Nutter’s community banking practice is regarded as a market leader in New England, having represented more than 70 banks and thrift institutions in corporate and regulatory matters in the past few years. The firm has placed among the top 20 law firms nationally in merger and acquisition work for banks, according to the M&A Annual published by the American Banker.

About Nutter
Nutter is a Boston-based law firm that provides legal counsel to industry-leading companies, early stage entrepreneurs, institutions, foundations, and families, across the country and around the world. The firm’s lawyers are known for their client-centric approach and extensive experience in business and finance, intellectual property, litigation, real estate and land use, labor and employment, tax, and trusts and estates. Co-founded in 1879 by Louis D. Brandeis, who later became a renowned justice of the U.S. Supreme Court, Nutter is dedicated to helping companies prosper in today’s competitive business environment. For more information, please visit www.nutter.com and follow us on LinkedIn.

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