North Easton Savings Bank and Mutual Bank Announce Merger Agreement
NORTH EASTON, Mass., Nov. 6, 2018 /PRNewswire/ -- North Easton Savings Bank and Mutual Bank today announced the signing of an agreement to merge operations under the North Easton Savings Bank name. The merger will enable the combined Bank to more effectively meet the needs of customers across southeastern Massachusetts. Subject to regulatory approval and other customary closing conditions, the transaction is expected to close on or about April 1, 2019 with the customer conversion scheduled to be complete by mid-2019.
With 9 locations in four communities, North Easton Savings Bank brings 154 years of expertise and heritage to the markets it serves. Merging with Mutual Bank's 9 locations in 7 additional communities in the local area, combining resources and breadth of services, will create one of the area's leading community banks.
When the merger is complete, customers of both banks will benefit from an extended network of branch locations and ATMs, along with an expanded offering of products and services and access to an even stronger team of bankers, solidifying the Bank as a leader in the local market.
"Our bank has continued to grow, and we have a strong reputation in the area for being forward-thinking and customer-centric in our approach," said Rich Spencer, CEO, Mutual Bank. "This merger will not only solidify that position, but also benefit our customers through an expanded network of products and services to help them achieve their financial goals."
"Mutual Bank's culture, values and commitment to customers mirror our own," adds Bob Berg, CEO and President, North Easton Savings Bank, "and this merger will clearly position us as the leading community bank headquartered in southeastern Massachusetts."
When current CEO and President of North Easton Savings Bank, Bob Berg, retires as planned in early 2019, current CEO of Mutual Bank, Rich Spencer, will continue as CEO of the combined institution. Members of both banks' management teams will retain senior roles in the new entity.
All 18 branch locations will remain open and transition to the North Easton Savings Bank name when the customer conversion happens in 2019. The Bank is committed to providing an ongoing culture of support, growth and success for all employees and its communities.
K&L Gates, LLP served as legal counsel to North Easton Savings Bank. Luse Gorman, PC served as legal counsel to Mutual Bank.
About North Easton Savings Bank
North Easton Savings Bank serves southeastern Massachusetts with nine offices in Easton, Norton, Mansfield, and North Attleboro. North Easton Savings Bank is a full service, mutual savings bank, a member of FDIC, DIF and an Equal Housing Lender. For more information, visit http://www.northeastonsavingsbank.com.
About Mutual Bank
Mutual Bank is a full-service, Massachusetts-chartered cooperative bank located in southeastern Massachusetts, offering services for personal banking, small business banking, and commercial banking at nine banking centers and online at MyMutualBank.com. Mutual Bank is headquartered at 570 Washington Street, Whitman, Massachusetts. For more information, visit http://mymutualbank.com.
Media Contact:
For Mutual Bank: Christine Grundy, (781) 524-5011, [email protected]
For North Easton Savings Bank: Robert J. Berg, (508) 238-2007, [email protected]
SOURCE Mutual Bank; North Easton Savings Bank
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