Two Massachusetts savings banks are seeking approval from the state’s Division of Banks to reorganize their corporate governance into mutual holding companies.

Representatives of The Savings Bank, headquartered in Wakefield, and East Cambridge Savings Bank said reorganization of corporate governance would better position their banks to raise capital in an environment where many banks are experiencing intense pressure on their margins due to low interest rates.

Both banks said they do not intend to issue stock to the public or pursue conversion to a stock institution.

The Savings Bank intends to establish a mutual savings bank, to operate under the current name, in conjunction with its reorganization into a mutual holding company, Wakefield Bancorp MHC, with a mid-tier holding company, Wakefield Bancorp Inc.

East Cambridge Savings Bank is seeking permission to establish a mutual savings bank of the same name. Its proposed mutual holding company would operate under the name 1854 Bancorp.

Both Brian McCoubrey, president and CEO of The Savings Bank, and Gilda Nogueira, president and CEO of East Cambridge Savings Bank, told Division of Banks Commissioner David J. Cotney that no customers had lodged any objections to the change.

The Board of Bank Incorporation will issue decisions after the comment period for each ends on Feb. 22.