WORCESTER BUSINESS JOURNAL – Two area mutual banks have announced that they have agreed to a merger that would create a bank with nearly $1 billion in assets and $95 million in equity across 14 branches.
In a joint release put out by the banks, officials said the merger would allow for increased lending capacity and a larger network of branches and ATMs while continuing the hometown focus that the banks had been built on. There will be no staffing reductions as a result of the merger, according to the release.
“The two banks are vibrant and strong, but we will be stronger together,” said Walter J. Dwyer, IV, president and CEO of North Middlesex Savings Bank. “We are deeply committed to the principles of mutual savings banks, which are accountable to their customers and by joining forces, we are ensuring the longevity of hometown banks who are deeply rooted in their communities.”
Dwyer will serve as president while Richard K. Bennett, president and CEO of Marlborough Savings Bank, will serve as CEO of the combined bank and its holding companies. The Boards of Directors of the combined bank and its holding companies will consist of eight directors from Marlborough Savings Bank and seven directors from North Middlesex Savings Bank.
The merger will also result in a merger of both banks’ charitable foundations, which have a long history of giving back to their communities.
The merger is expected to be completed in the fourth quarter of 2016, subject to the receipt of regulatory approval and the approval of both parties’ corporators.
This article by Sam Bonacci originally appeared here.