IPSWICH — First Ipswich Bank announced Thursday that it will merge with Brookline Bank in early 2020 and change its name to Brookline Bank.
First Ipswich was sold to Brookline Bank in 2011 but has been operating under its own name since then. Bank officials said in a press release that the merger will give customers an additional 25 branches in greater Boston.
"If people live, work or do business in or around Boston, they will benefit from this greater access," First Ipswich Bank President and CEO Jim McCarthy said in a press release.
First Ipswich has six branches in Ipswich, Danvers, Newburyport, Gloucester, Essex and Rowley. It was formerly known as the First National Bank of Ipswich and was established in 1892.
First Ipswich underwent a period of rapid expansion from 2000 to 2004 and had about 15 branches, including locations in Beverly, Boston and Cambridge and in-store branches in Walmart stores in Manchester, Newington and Salem, New Hampshire.
The bank had a dramatic downsizing before it was sold to the larger Brookline Bank in 2011. First Ipswich now has assets of $450 million, according to the Federal Deposit Insurance Corporation. Brookline Bank has assets of $4.8 billion.
The press release said customers should expect no changes to the retail team at First Ipswich branches. It said no service interruptions are anticipated because the two banks already share systems, back office operations, and a customer service center.
It's unclear what other changes might take place at First Ipswich. McCarthy could not be reached for comment on Thursday.
"Most important, while the First Ipswich name will change to Brookline Bank, our commitment to the North Shore communities we serve will not change," McCarthy said in the statement.
Staff writer Paul Leighton can be reached at 978-338-2675 or email@example.com.