Hometown Financial Group has completed its acquisition of Colonial Federal Savings Bank. The bank will operate as a subdivision of North Shore Bank, which is part of the multibank mutual holding company. Hometown Financial Group also includes Connecticut-based bankHometown.

The acquisition expands Hometown Financial Group’s market presence in eastern Massachusetts, bringing consolidated assets to $6.9 billion with 56 branches located throughout Massachusetts, northeastern Connecticut and southern New Hampshire.

This transaction is the eighth strategic merger for Hometown Financial Group in the last 10 years.

“We’re thrilled to welcome Colonial Federal employees and customers into the North Shore Bank and Hometown Financial Group family,” Hometown Financial Group chairman and CEO Matthew Sosik said in a statement. “As we grow our presence in eastern Massachusetts, solidify our already formidable branch network on the South Shore, and introduce our unique brand of community banking to the customers and employees of Colonial Federal, we look forward to introducing the Colonial Federal family to all the products, services and locations to help unlock their potential.”