Looking Ahead

Bringing our two institutions under one holding company will provide many mutual benefits for our customers and employees. This decision came after much thought, discussion, and due diligence. Simply put, it will strengthen our financial position and enhance the long-term success of our organizations, while still allowing each bank to operate independently.

In an ever-changing financial landscape, as two community bank leaders, we remain committed to serving our customers and the community. By merging into a combined Mutual Holding Company, it will allow both Mechanics Cooperative Bank and MountainOne Bank the ability to leverage our strengths. Both banks are financially sound, and the combined holding company will enable both institutions the opportunity to share resources through collaboration.

Your banking experience will continue with no changes to you, our customers. Your accounts will remain the same with Mechanics Cooperative Bank. Our nine (9) conveniently located branches and Corporate Headquarters will continue to operate as is, and our dedicated team of professionals will be there to answer all your questions.

No. Mechanics Cooperative Bank’s leadership team will remain the same. After completion of the merger, the new consolidated holding company for both banks will have approximately $1.85 billion in assets and fifteen (15) full-service retail banking locations across Massachusetts. Joseph T. Baptista Jr., will remain as President and Chief Executive Officer of Mechanics Cooperative Bank and Robert Fraser will continue as President and Chief Executive Officer of MountainOne Bank. Under the terms of the agreement, both entities are proud to share there will be no reductions in staff at either institution. Furthermore, the agreement specifies a shared commitment to mutuality – a cornerstone of the combined organizations.

No. Both banks will continue to operate independently under their own brand identities, with the same team serving the community at your local branch, while under one, parent multi-bank, mutual holding company. After the completion of the merger, the new consolidated holding company for both banks will be MountainOne Financial, MHC. Both banks will continue to operate independently, retaining their respective charters, headquarters, and brand names. The agreement, approved by each institution’s Boards of
 Trustees, awaits regulatory and Corporator approval.

As this is a merger of the Mutual Holding Companies and not a Bank level merger, no customer data or system will be merged. Customer data will remain separate, and information will not be shared. We will continue to evaluate future opportunities of our systems and processes.

A Mutual Holding Company (MHC) is a parent company, which owns the subsidiary bank(s). In a highly regulated industry such as banking, a holding company structure allows for more opportunities for growth, including by acquiring or developing another line of business. As a Massachusetts based cooperative bank, Mechanics Cooperative Bank does not have outside shareholders.

No. The exceptional, personalized service we provide day-in and day-out through our digital and in-person experiences will remain unchanged. You will still see the same friendly faces you know and trust at your local banking center, and you will still have access to the same products and services we currently provide.

We will keep all our customers apprised regarding regulatory review and approval of the holding company merger agreement.

Please reach out! We are excited to answer all your questions relating to this merger of holding companies. You can email us at marketing@mechanics-coop.com, call our contact center at 1-888-MECHANICS (632-4264), or come talk to us at a local branch.