FDIC Insured – Backed by the full faith and credit of the US Government
Merger Scheduled for January 1, 2026; MountainOne Bank and Mechanics Cooperative Bank to Continue to Operate Independently, Retain Existing Names and Brands
TAUNTON, MASSACHUSETTS – [December 3, 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, announced today that all regulatory approvals required to complete the merger of the two mutual holding companies have been received.
The merger transaction is scheduled to take place on January 1, 2026, at which time the newly combined mutual holding company will operate under the name MountainOne Financial, MHC, and will have approximately $1.9 billion in assets.
MountainOne Bank and Mechanics Cooperative Bank will continue to operate as two separate, independently chartered community banks, and will each retain their existing names, headquarters locations, leadership teams, and boards of directors. Furthermore, customers will not experience any disruption, nor do they need to take any action.
Bringing together two well-capitalized, financially sound organizations allows the newly combined mutual holding company to take their time in evaluating opportunities to collaborate where doing so strengthens service, enhances operational efficiency, or supports long-term sustainability.
Upon completion of the merger, Robert J. Fraser will serve as Chairman and Joseph T. Baptista Jr. as President and Chief Executive Officer of the combined Mutual Holding Company, MountainOne Financial, MHC. 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. There are no staff reductions associated with the merger.
“This merger is a strong step for both organizations,” said Robert J. Fraser. “It reflects shared priorities and a clear focus on bringing long-term value to our customers and community. We are proud of the work that brought us here and confident in the direction ahead. Our customers, employees, and communities remain at the center of our decisions.”
“We are excited to move forward together,” said Joseph T. Baptista Jr. “This merger positions us to grow, invest, and serve with even greater impact. Our teams are energized by our shared vision, and we are looking forward to the opportunities it creates for our customers and communities. MountainOne Financial, MHC will carry on each legacy organizations’ commitment to mutuality, which places its customers and communities at the center of organizational decision-making. MountainOne Bank and Mechanics Cooperative Bank each have deep roots in their respective communities and have prioritized an ongoing commitment to remain local, accessible, and engaged.”
FinPro Capital Advisors, Inc. served as the 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.
About MountainOne Financial, MHC:
Headquartered in North Adams, MA, MountainOne is the Mutual Holding Company of MountainOne Bank, MountainOne Insurance and MountainOne Investments. MountainOne Bank, with total assets of over $1 billion, provides a complete array of personal and business banking and lending services. MountainOne Bank is Member FDIC and Member DIF. Founded in 1848, MountainOne has six 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, MA, Mechanics Bancorp, MHC is the Mutual Holding Company of Mechanics Cooperative Bank. With total assets in excess of $850 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 insured in full. 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. Member FDIC. Member DIF. Equal Housing Lender.