The Massachusetts Division of Banks & Board of Bank Incorporation approved on Aug. 20 Beverly Financial MHC's merger with and into North Shore Bancorp, according to the state regulator's August bulletin.
Beverly Bank will merge into North Shore Bank a Co-operative Bank under the terms of the transaction.
North Shore Bancorp's assets will increase to $1.40 billion from $894.2 million thanks to the deal.
North Shore President and CEO Kevin Tierney Sr. will become CEO of the merged entity, while Beverly Bank President and CEO Michael Wheeler will assume the role of president and COO of the combined company.
