Mechanics Bancorp in Taunton, Mass., and MountainOne Financial in North Adams, Mass. have agreed to merge into a single mutual holding company.
Mechanics, the MHC for Mechanics Cooperative Bank, and MountainOne, the MHC for MountainOne Bank, said their banks will continue to operate as separate entities with the same names, logos and brands. The new MHC will have nearly $1.9 billion in assets and 15 branches.
Joseph Baptista Jr. will remain president and CEO of Mechanics Cooperative and will become president and CEO of the combined mutual holding company. Robert Fraser will remain president and CEO of MountainOne and will become executive chairman of the combined MHC.
“This partnership is not just a strategic decision, it’s a commitment to enhancing our ability to serve our customers and communities, while ensuring both banks continue to operate as individual entities,” Baptista said in a press release. “We believe this merger will create a stronger, more resilient financial organization, and we’re eager to embark on this journey together.”