Marlborough – Marlborough Savings Bank and North Middlesex Savings Bank recently 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.
“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.
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.
“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.
Bennett will serve as the chief executive officer of the combined bank and its holding companies while Dwyer will serve as president. The Board 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 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.