Press Release

MountainOne Bank Completes Integration

Monday, July 22, 2013

North Adams, MA – MountainOne Financial, of North Adams, MA, has completed the final step in integrating its banking operations.  A unified financial institution launches today as MountainOne Bank.  The offices of Hoosac Bank (North Adams, MA) are taking the name MountainOne Bank.  South Coastal Bank (Rockland, MA) and Williamstown Savings (Williamstown, MA) have become divisions of MountainOne Bank.  The non-banking units of MountainOne – Coakley, Pierpan, Dolan & Collins Insurance; True North Financial; True North Insurance – also have become divisions of MountainOne Bank.

A new unified MountainOne Bank board of directors has been formed, consisting of some former directors of Hoosac and South Coastal, as well as some trustees of MountainOne Financial, MHC.  The new 15 member board commences oversight today.

MountainOne President & Chief Executive Officer, Thomas Leavitt, stated that the integration builds upon MountainOne’s commitments to customer care, operational distinction, and professional development.  “We have a unique array of assets here.  By bringing the banks into alignment with common services, technology, staff, and leadership, we are strengthening our delivery and positioning for growth from one end of the Commonwealth to the other”, said Leavitt.  “Our team has done a tremendous job of coming together to make MountainOne a special entity with power beyond the sum of our parts.”

Robert Fraser has served as President & CEO of South Coastal Bank.  He becomes Executive Vice President, Chief Operating Officer & Senior Lender of the new MountainOne Bank.  Fraser sees this larger bank as a natural extension of the direction he has helped forge over the past six years.  “South Coastal Bank has experienced significant growth in commercial and residential lending over the past several years. By consolidating into Hoosac Bank and creating MountainOne Bank we can continue to expand our lending activities to better serve our customers throughout the Commonwealth”, according to Fraser. “We are well positioned for further growth with outstanding products and services for both businesses and consumers.”

MountainOne Financial is a mutual holding company headquartered in North Adams, MA. MountainOne Bank is a subsidiary of MountainOne Financial, and includes the following divisions: Williamstown Savings Bank; South Coastal Bank; Coakley, Pierpan, Dolan & Collins Insurance; Stevenson & Co. Insurance, True North Insurance, and True North Financial. Originally founded in 1848, MountainOne Bank and its banking divisions have assets of over $800 million and provide a broad range of banking services for personal and business customers. MountainOne Bank has full service offices in North Adams and Pittsfield. Williamstown Savings Bank has a full service office in Williamstown and a Mortgage Center in Bennington, VT. South Coastal Bank has full service offices in Rockland, Scituate and Quincy, as well as a Mortgage Center in Danvers. Coakley, Pierpan, Dolan & Collins (CPDC) and Stevenson & Co. offer property and liability insurance to businesses and individuals. CPDC serves customers through offices in North Adams, Adams, Williamstown, and Pittsfield.  Stevenson & Co. serves customers through an office in Pittsfield. True North Insurance Agency provides group health, life, and disability insurance through offices in North Adams, Williamstown, and Pittsfield.  True North Financial has offices in North Adams, Williamstown and Pittsfield and its financial professionals offer Securities and Advisory Services through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.