Bridgewater Savings Bank and Mansfield Bank announced on Wednesday plans to merge the two southeastern Massachusetts mutual banks.
Both banks’ boards of directors have signed a merger agreement to join the two banks into a single entity that will retain the mutual form of ownership. The banks are working on obtaining other necessary approvals, with the goal completing the merger in the second quarter of 2020.
Peter Dello Russo, president and CEO of Bridgewater Savings Bank, will become CEO after the merger. Mansfield Bank President and CEO Meg McIsaac will become president of the merged institution.
“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,” Dello Russo said in a statement. “In short, we are better together.”
McIsaac said in the statement that both banks have similar missions, styles and cultures, adding that the banks “share a long history of success and growth as independent mutual savings banks serving local individuals, families, businesses and communities.”
“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,” McIsaac said in the statement. “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.”
Headquartered in Raynham, Bridgewater Savings Bank has almost $623 million in assets and eight branches in Raynham, Bridgewater, East Bridgewater, West Bridgewater, Lakeville, Pembroke and Taunton.
With total assets of about $527 million, Mansfield Bank has four branches in Mansfield, Norton, West Bridgewater and Plainville on the North Attleborough line.
The banks do not anticipate any branch closings, according to question and answer documents on the banks’ websites. The merged institution will adopt a new name and logo which have not yet been announced.
