Cape Cod 5 in Hyannis, Mass., and Fidelity Bank in Leominster, Mass., are merging under the same holding company.
The $5.5 billion-asset Cape Cod 5 and the $1.5 billion-asset Fidelity said in a press release that they will operate independently as part of Mutual Bancorp. The mutuals have a combined total of 39 branches.
Matt Burke, Cape Cod 5’s chairman and CEO, will have the same titles at Mutual Bancorp. Edward Manzi Jr., Fidelity’s chairman and CEO, will serve as the company’s vice chairman and chief strategy officer.
“We both focus on personalized service to consumers and businesses and a commitment to making a positive impact in our communities,” Burke said in the release.
“This partnership will strengthen Mutual Bancorp and enable us to utilize shared resources and best practices so that each bank can grow in size, strength, and offerings to customers,” Burke added. “The combination will allow us to adapt to an ever-changing environment, as well as provide additional growth and development opportunities for our dedicated teams.”
Fidelity will form a $5 million charitable foundation.
Piper Sandler was the financial adviser. Goodwin Procter provided legal counsel to Mutual Bancorp and Nutter McClennen & Fish advised Fidelity Bank.