Proposed Merger of Athol Savings Bank with Cornerstone Bank

Updike, Kelly & Spellacy, P.C. is Legal Counsel to Athol Savings Bank in its Proposed Merger with Cornerstone Bank

On July 23, 2025, Athol Savings Bank, Athol, Massachusetts entered into a merger agreement with Cornerstone Bank, Spencer, Massachusetts, a subsidiary of PeoplesBancorp, MHC, Holyoke, Massachusetts.  Pursuant to the merger agreement, Athol Savings Bank will merge with and into Cornerstone Bank as the surviving entity.  As part of the merger, Athol Savings Bank will operate as a division of Cornerstone Bank, maintaining its name and five branch locations.

Updike, Kelly & Spellacy, P.C. served as legal counsel to Athol Savings Bank in the transaction.  The Updike, Kelly & Spellacy team was led by Patricia D. Anderson, and included Christopher L. Brigham, Jonathan L. Canestri and Jennifer L. DiBella.

Athol Savings Bank has five branches and approximately $680 million in assets.

Cornerstone Bank has twelve branch locations and approximately $1.73 billion in assets.

Patricia D. Anderson is a Shareholder with Updike, Kelly & Spellacy, P.C. and practices in the areas of Financial Institutions and Transactions, Mergers and Acquisitions, Commercial Lending, Banking, Business, Securities and Corporate Law.  She can be reached at panderson@uks.com or at (860) 548-2684.

Christopher L. Brigham is a Shareholder with Updike, Kelly & Spellacy, P.C. and Chairman of the Employment Practices Group.  He focuses his practice on representing and counseling businesses, financial institutions and educational institutions with respect to workplace employment and school law issues.  He can be reached at cbrigham@uks.com or at (203)786-8310.

Jonathan L. Canestri is a Shareholder with Updike, Kelly & Spellacy, P.C. and member of the Firm’s Business, Tax and Estate Planning Practice Groups.  He represents businesses and individuals in corporate matters including asset and stock sales and purchases.  He can be reached at jcanestri@uks.com or at (860) 548-2648.

Jennifer L. DiBella is a Shareholder in Updike, Kelly & Spellacy, P.C., practicing in the areas of Financial Institutions and Transactions, Securities, Commercial Lending and General Corporate Law.   She can be reached at jdibella@uks.com or at 860.548.2630.