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MountainOne Bank and Mechanics Cooperative Bank to Continue to Operate Independently; Retain Existing Names and Brands
NORTH ADAMS, MA and TAUNTON, MA, March 25, 2025 – MountainOne Financial, MHC, the mutual holding company parent of MountainOne Bank, and Mechanics Bancorp, MHC, the mutual holding company parent of Mechanics Cooperative Bank, are pleased to jointly announce they have entered into a formal agreement to merge into a combined Mutual Holding Company. After the completion of the merger, the new consolidated holding company for both banks will be MountainOne Financial, MHC and 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.
After completion of the merger, the new consolidated holding company for both banks will have
approximately$1.8 billion in assets and [15] full-service retail banking locations across Massachusetts. Robert
Fraser will become Chairman and Joseph T. Baptista Jr. will become President and Chief Executive Officer of
the combined Mutual Holding Company. Fraser will continue in his role as President and Chief Executive
Officer of MountainOne Bank and Baptista will also remain as President and Chief Executive Officer of
Mechanics Cooperative 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 organization.
“I am thrilled at the opportunity this partnership creates for our combined organizations. Continuing to
operate independently enables us to position both mutual banks, as well as MountainOne Insurance and
MountainOne Investments, for continued and future growth,” said Robert Fraser, MountainOne’s President &
CEO. “Simply put, as two individually successful, fiscally strong, and strategically aligned mutual banking
institutions, our combination is far greater than the sum of our parts.
“Mechanics is a likeminded financial institution who, like MountainOne, has built an incredibly strong
reputation within its communities. Together, we will create an even stronger, more resilient financial
institution through a combined talent pool, shared resources, and technologies that benefits our customers
and employees for the long-term,” Fraser said.
Joseph T. Baptista Jr., President & CEO of Mechanics Cooperative Bank stated “Today is an exciting day in
Mechanics Cooperative Bank’s 147-year history as we announce a partnership with MountainOne. Our shared
values, vision and deep roots in our respective markets make this partnership a natural fit. As mutual banking
institutions, we are owned by our depositors, not by shareholders. As we set our sights on the future, we are
committed to maintaining our mutuality structure, and our combined organization will continue to prioritize
the interest of our customers and communities above all else.”
“Our ongoing commitment to our local communities remains a great source of pride to our employees, and is
part of our shared legacy,” continued Baptista. “Customers at both institutions will continue to receive the
same exceptional products and services they have come to know and expect. And, over time, this
collaboration will allow us to create a more competitive, innovative organization that is well-positioned for
long-term growth and stability for our valued customers and employees. Together, we are building a
stronger, more dynamic, relationship-driven financial organization that will continue to service our
communities at the local level for generations to come.”
FinPro Capital Advisors, Inc. served as financial advisor to MountainOne Financial, MHC and Piper Sandler &
Co. served as the financial advisor to Mechanics Bancorp, MHC. Luse Gorman, PC served as legal counsel to
MountainOne Financial, MHC and Nutter McClennen & Fish LLP served as legal counsel to Mechanics
Bancorp, MHC. The transaction is expected to close in the second half of 2025.
About MountainOne Financial, MHC:
Headquartered in North Adams, MA, MountainOne is the Mutual Holding Company of MountainOne Bank,
MountainOne Insurance and MountainOne Investments. Founded in 1848, MountainOne Bank with total
assets of $985 million, provides a complete array of personal and business banking and lending services.
MountainOne Bank is Member FDIC and Member DIF. Products and services are offered at full-service offices
in the Berkshires (Pittsfield, North Adams, Williamstown) and on Boston’s South Shore (Quincy, Rockland,
Scituate).
The financial advisors of MountainOne Investments offer securities and advisory services through
Commonwealth Financial Network®, member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through CES Insurance Agency or MountainOne Investments. MountainOne Bank is not a registered broker-dealer or Registered Investment Adviser. MountainOne Bank and MountainOne Insurance are not affiliated with Commonwealth.
Insurance and Investments are not insured by the FDIC and are not deposits or obligations of, or guaranteed
by, any depository institution. Funds are subject to investment risks, including possible loss of principal
investment.
About Mechanics Bancorp, MHC:
Headquartered in Taunton, Mechanics Bancorp, MHC is the Mutual Holding Company of Mechanics
Cooperative Bank. With total assets of $835 million, Mechanics Cooperative Bank offers a wide variety of
personal and business deposit and loan products. As a Massachusetts co-operative bank, 100% of customers’ deposits are always fully insured. Established in 1877, Mechanics Cooperative Bank is Massachusetts’ second-
oldest co-operative bank with nine conveniently located branches in Bridgewater, Taunton, North Dighton, Somerset, Swansea, Fall River, Westport and New Bedford.
For more information, Joshua Narciso, VP Director of Marketing – jnarciso@mechanics.bank