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Marlborough Savings Bank and North Middlesex Savings Bank today announced plans to merge and create a new, larger mutual savings bank to provide even greater service and convenience to customers. Centered on an unwavering commitment to hometown banking — this mutually beneficial partnership will combine two organizations with very similar cultures and core values. The merger will also allow the combined bank to offer enhanced benefits such as increased lending capacity, a larger network of branches and ATMs, and continue its legacy of being a responsible neighbor while delivering easy, hassle-free banking.
A name for the bank will be announced during the fourth quarter of 2016. The combined bank will have assets of close to $1 billion and $95 million in equity and operate a network of 14 branches staffed by the same employees they have banked with for years as no staff reductions will occur as a result of the merger. Customers will continue to benefit from fully insured deposits through the Federal Deposit Insurance Corporation and the Deposit Insurance Fund. In addition, the integration enables greater investment in innovative banking products and new technology for anytime/anywhere banking.
“Banking is a people business. Our steadfast commitment to exceptional customer service is built by our teams of dedicated employees. This merger will provide them additional opportunities and teammates to better serve our customers and continue our joint tradition of easy access to decision makers,” said Richard K. Bennett, President and CEO of Marlborough Savings Bank.
“The two banks are vibrant and strong, but we will be stronger together. This new venture will let us provide customers with the best products, convenience and exceptional service from people they know and trust. 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,” said Walter J. Dwyer, IV, President and CEO of North Middlesex Savings Bank.
Mr. Bennett will serve as the Chief Executive Officer of the combined bank and its holding companies while Mr. Dwyer will serve as President. 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.
Both banks were founded in the 1800s to provide banking services to their communities and reinvest the deposits in loans to support local and economic growth and job creation. Combining two great teams, the mutual banks continue their commitment to delivering exceptional customers experiences through access to local decision makers.
The strategic merger will also result in a merger of both banks’ charitable foundations, which have a long history of giving back to their communities. In addition to monetary donations, the banks also encourage and support that their employees volunteer in the community, a commitment that will continue and likely grow under the new organization.
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.
ABOUT MARLBOROUGH SAVINGS BANK
Marlborough Savings Bank is a locally run, independent mutual savings institution serving the Metrowest communities of Massachusetts since 1860. Mutual savings banks are owned by their depositors, not stockholders which deepens their commitment to their customers and the communities they serve. With branch offices in Hudson, Marlborough, Northborough, Southborough, Sudbury and Westborough, Marlborough provides an extensive array of financial services and products for all personal and business life stages. A strong supporter of the communities, MSB is redefining what makes a great bank. For more information, visit www.agreatbank.com.
ABOUT NORTH MIDDLESEX SAVINGS BANK
Founded in 1885, North Middlesex Savings Bank is a community bank managed by and for the benefit of local residents, businesses and communities of the Nashoba Valley region (MA). Since its beginning, exceptional customer service has been the hallmark of its success. The Bank has seven area locations for their customers’ convenience. The Bank offers a full-range of innovative banking products and services for personal, small business, mortgages and commercial lending customers and is committed to helping make the communities it serves a better place to live, work and grow. North Middlesex Savings Bank is a member of the Federal Deposit Insurance Corporation (FDIC), Deposit Insurance Fund (DIF) and is an Equal Housing Lender.