MANSFIELD — Bridgewater Savings Bank and Mansfield Bank are merging, extending their reach into the local market.
The merger has been approved by the board of directors of both banks and will take effect in the second quarter of 2020. A name for the new bank has not yet been chosen.
The new bank will have assets of $1.2 billion and will give customers access to a greater number of ATMs and other services. The banks currently serve abutting but not overlapping territories.
“Both banks are very similar in mission, style and culture, and share a long history of success and growth as independent mutual savings banks serving local individuals, families, businesses and communities,” Mansfield Bank President and CEO Meg McIsaac said Wednesday in a news release. “We share core values of respect, integrity, trust, excellence and good stewardship, and are dedicated to personal service, support for our community and opportunities for employees.
“Lastly, because we share contiguous but non-competing markets, we believe it is a natural fit to join together to become even stronger and more competitive.”
McIsaac will become president of the new bank and Peter Dello Russo of Bridgewater Savings Bank will become CEO.
“By joining forces, we will create a very well capitalized bank with nearly $1.2 billion in assets, giving us the financial strength to successfully meet the needs of our employees, customers and communities in the future. In short, we are better together,” he said.
Mansfield Bank was created as a cooperative bank in 1883. It has four branches, in Mansfield, Norton, Plainville and West Bridgewater. It has more than 100 employees.
Bridgewater Savings was established in 1872 and specializes in commercial and residential lending as well as business and personal savings. It has branches in Bridgewater, Lakeville, Pembroke, Raynham, Taunton as well as offices and ATMs throughout Southeastern Massachusetts and the South Shore.
The new bank will be a mutual bank, meaning it is owned by its customers, not stockholders.