Separately, Hometown MHC approved a Plan of Conversion to become a stock holding company, with TruNorth Bank becoming a wholly owned subsidiary of the new Maryland corporation.

Hometown Financial Group agreed to acquire Primary Bank for about $160 million, expanding its presence in southern New Hampshire.

Primary Bank customers will gain access to residential mortgage products through Hometown Mortgage, which is expected to be renamed TruNorth Mortgage after the merger, contingent on regulatory approvals.

Hometown Financial Group is merging its subsidiaries under the TruNorth Bank brand, consolidating branding and operations across Massachusetts, southern New Hampshire, and northeast Connecticut.

Primary Bank branches in Bedford, Derry, Manchester, and Nashua will operate under the TruNorth Bank name after the merger.

Professional advisers include Luse Gorman (legal, Hometown), Keefe, Bruyette & Woods (financial adviser), Gallagher, Callahan & Gartrell (legal, Primary Bank), and Brean Capital (financial adviser).

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The conversion includes a stock offering for TruNorth Bank depositors and certain insiders, with 4% of shares donated to a new charitable foundation; eligible TruNorth depositors will receive priority subscription rights.

The merger and conversion are expected to close in the first quarter of 2027, subject to regulatory and stockholder approvals.

The deal structure provides 50% cash and 50% stock for Primary Bank’s shares, with Hometown Financial Group issuing stock as the remaining consideration.

This acquisition advances Hometown Financial Group’s strategy to expand regionally through acquisitions and rebranding as TruNorth Bank, with completion contingent on standard closing conditions.

Hometown Financial Group’s board unanimously approved reorganizing from a mutual holding company to a stock holding company to support the TruNorth Bank consolidation.