East Cambridge Savings Bank has completed its acquisition of Woburn-based Patriot Community Bank.
The bank said in a statement that the transaction was effective today. East Cambridge Savings now has $1.6 billion in assets following the acquisition of Patriot Community Bank, which held approximately $200 million in assets.
The merger extends the bank’s footprint to Woburn. Patriot Community Bank’s sole location at 237 Lexington St. became the 11th full-service branch of East Cambridge Savings Bank.
“We are extremely pleased to welcome customers and employees of Patriot Community Bank to East Cambridge Savings Bank,” said Gilda M. Nogueira, President and CEO of East Cambridge Savings Bank, in the statement. “As we complete this amalgamation process, we look forward to becoming a contributing member of the Woburn community by serving the needs of area residents, community service organizations and local businesses.”
The bank said it is working to integrate Patriot Community Bank customer accounts into its core processing system and expects to complete the systems conversion in the fourth quarter.
“This merger could not have been successfully completed without the hard work and commitment of the many dedicated employees of both banks who worked together to ensure a smooth and seamless transition,” Nogueira said. “Throughout the process, the customer was placed at the forefront of every decision. It’s been a great partnership from the start. »