Banks Announce Consolidation Plan
Hoosac Bank and Williamstown Savings Bank will be consolidation under one bank charter, according to Stephen G. Crowe, President & Chief Executive Officer of MountainOne Financial Partners. The banks will continue to operate under the existing names of Hoosac Bank and Williamstown Savings Bank.
“We are confident that this strategic decision will be good for our customers, good for our employees, and good for our communities,” said Crowe. “With the economy today, it is important to manage any business as efficiently as possible. By consolidating bank charters, we can eliminate redundant expenses for certain back-office functions like audits, mandated regulatory filings, and vendor contracts. This is a natural evolution of our successful move to streamline other bank functions – such as accounting, operations, information technology, human resources, and compliance – that began when we formed MountainOne Financial Partners in 2002.”
“Customers will be served by the same employees that they have grown to know and trust over the years,” added Crowe. “Our goal is to provide customers with outstanding products and exceptional service, while remaining a strong, independent community bank for future generations. We have always been innovators with a commitment to the core principles of community banking, including personal relationships, local decision-making, and meaningful economic development.”
The decision to consolidate Hoosac Bank and Williamstown Savings Bank under one bank charter has been approved by each board of directors and by MountainOne Financial Partners. Formal applications will be filed with the Massachusetts Division of Banks and the Federal Deposit Insurance Corporation, and final regulatory approval is expected in the second quarter of 2012. After the consolidation, Williamstown Savings Bank will operate as a division of Hoosac Bank.
Both banks donate at least ten percent of their net income after taxes every year to not-for-profit organizations that support the community through human services, health care, education, youth activities, and cultural events. In addition, the banks encourage employees to share their time through leadership and volunteer positions with these organizations.
MountainOne Financial Partners, a mutual holding company headquartered in North Adams, hascombined assets of over $800 million and over 200 employees. Hoosac Bank, Williamstown Savings Bank, and South Coastal Bank provide a broad range of banking services for personal and business customers. Hoosac Bank, established in 1848, has offices in North Adams and Williamstown as well as a commercial lending office in Pittsfield; Williamstown Savings Bank, founded in 1892, has an office in Williamstown and a mortgage office in Bennington, VT; and,
South Coastal Bank, founded in 1868, has offices in Rockland, Scituate, and Quincy. Coakley, Pierpan, Dolan & Collins Insurance Agency, founded in 1927, and one of the largest property and casualty insurance agencies in Western Massachusetts, serves personal and business customers through offices in North Adams, Adams, Williamstown, and Pittsfield. True North Insurance Agency, established in 1997, provides group health, life, and disability insurance for business customers as well as life, long-term care, and disability insurance for personal customers through offices in North Adams, Williamstown, and Pittsfield.