Rollstone to Join River Run Bancorp, MHC

Rollstone to Join River Run Bancorp, MHC

Lloyd Hamm of River Run and Marty Connors of Rollstone Bank standing side by side. Lloyd, on the left wears a gray suit with a blue tie and smiles while the man on the right, Marty, is dressed in a navy suit with a yellow and blue striped tie, also smiling. The background is a plain, light-colored wall.

Rollstone Bank & Trust becomes the third River Run Bank,
joining Newburyport Bank and Pentucket Bank under a
single mutual holding company.


Newburyport, MA and Fitchburg, MA – October 1, 2024 – River Run Bancorp, MHC (“River Run”) proudly announces that Rollstone Bank & Trust will be joining its network of mutual community banks through the merger of Rollstone Bancorp, MHC, the mutual holding company parent of Rollstone Bank & Trust, with and into River Run. Rollstone Bank & Trust (“RBT”) will become the third bank of River Run, alongside Newburyport Bank and Pentucket Bank.

This strategic partnership represents a significant step in bolstering and sustaining the mutual community banking model amid the evolving financial services landscape. The combined assets of Newburyport Bank, Pentucket Bank, and RBT will exceed $3.5 billion, enhancing their collective ability to serve the Northeastern and Central Massachusetts and Southern New Hampshire markets.

River Run was established in 2023 by Newburyport Bank and Pentucket Bank to create a multi-bank mutual holding company, which allows the banks to consolidate back-office operations, offer additional products and services, and achieve scale and efficiencies, all while continuing to prioritize customer and community engagement.

The addition of RBT further strengthens River Run as a prominent mutual community banking organization. Each bank will continue to operate under its established name and brand, retaining its local headquarters, management, retail and lending organizations, and charitable foundations. Each bank also will maintain its own Board of Directors. The River Run charter has provisions designed to ensure Newburyport Bank, Pentucket Bank, and Rollstone Bank & Trust will remain part of a mutual banking organization.

“We formed River Run to secure the independent community banking model for the future,” said Lloyd Hamm, President & CEO of River Run. “As community banks face challenges that could impact their long-term sustainability, River Run provides the structure for them to not only survive but thrive. We are thrilled to welcome Rollstone to the River Run family and are confident that, together with Newburyport Bank and Pentucket Bank, we will continue to support the evolution of community banking.”

Community mutual banks offer many benefits to consumers and businesses that differentiate them from other financial institution models. They offer competitive rates and fees and personalized service, and are committed to bettering the regions they serve.

In tandem with this announcement, RBT announces the upcoming retirement of its current President & CEO, Martin F. Connors, Jr., effective mid-2025, after which he will serve as the Executive Chairman of the Board for RBT for a two-year term. Connors will serve a Vice Chair and fill one of the four seats created on the River Run Board for RBT Directors.

“Since our founding as Fitchburg Savings Bank in 1846, the banking industry has evolved greatly and is currently undergoing tremendous consolidation. Through it all, we have served our customers and community with pride. Our dedication has never wavered, nor has our commitment to maintaining our mutuality,” said Connors. “Joining forces with Newburyport Bank and Pentucket Bank, and becoming part of the River Run family, will afford us the opportunity to enhance our service offerings and build an even stronger Bank for the future.”

RBT and River Run are excited to announce that upon Connors’ retirement, Mary Beth Jokela will be named President of Rollstone Bank & Trust, the first female President in RBT’s history. Mary Beth’s experience and leadership in her current role as Chief Operating Officer, and her relationships with the team and the community, have prepared her to pioneer RBT into this next chapter in the evolution of Rollstone.

Connors continued, “As I look forward to retirement in 2025, I can rest easy knowing RBT is in the capable hands of Mary Beth Jokela. As my successor, she will leverage the benefits of being part of the River Run family, lead the Bank in a positive direction, and ensure we maintain our mission to help families, businesses, and communities flourish.”

“I’m grateful to the Rollstone Board of Directors for giving me the opportunity to take on the role of President at Rollstone Bank & Trust. I would also like to extend a heartfelt thank you to Marty for his 20 years of leadership,” said Jokela. “The River Run partnership will benefit our customers and community, and I’m excited to lead the RBTeam through the transition.”

RBT also brings an established Wealth Management and Trust Services division to River Run. The division offers an array of Trust, Investment Management, and Estate Planning services to assist clients in planning their financial futures. Currently, RBT is the only locally-based bank in North Central Massachusetts to provide this comprehensive suite of services. The opportunity to expand this unique service offering to customers of all River Run banks further strengthens the River Run model for community banking.

RBT, chartered in 1846 and headquartered in Fitchburg, MA, brings over $900 million in assets to River Run. As a customer and community-focused institution, Rollstone Bank & Trust joins Newburyport Bank and Pentucket Bank in serving the region with dedication and excellence.

The merger has been unanimously approved by the boards of River Run, Rollstone Bancorp, MHC, and Rollstone Bank & Trust. The transaction is anticipated to close in the first half of 2025, subject to the receipt of all required regulatory approvals and other customary closing conditions.

K&L Gates LLP served as legal counsel to River Run while Loomis & Co. provided financial advice for the transaction. Luse Gorman, PC served as legal counsel to RBT.

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