We are excited to announce that our parent company, MountainOne Financial, MHC is entering into a merger agreement with Mechanics Bancorp, MHC, the Mutual Holding Company of Mechanics Cooperative Bank.
The Parent Companies of MountainOne Bank and Mechanics Cooperative Bank have entered into an agreement to merge into a combined Mutual Holding Company.
We are excited to announce that our parent company, MountainOne Financial, MHC is entering into a merger agreement with Mechanics Bancorp, MHC, the Mutual Holding Company of Mechanics Cooperative Bank.
MountainOne Bank and Mechanics Cooperative Bank will continue to remain independent from one another as separately FDIC insured institutions, each retaining their existing name and brand, headquarters, and their own board of directors for at least five years. The newly combined Mutual Holding Company will manage over $1.8 billion in assets and 15 full-service retail banking locations across Massachusetts.
Both MountainOne and Mechanics are both high-performing, successful, financially sound, well capitalized, and growth driven financial institutions. This is a merger of equals, and one of strength, not necessity. We are very excited about the opportunities this partnership creates for each of our constituents: our Mountaineers, our customers, and our communities.
We are proud to share that all employees will remain in their roles, our customers can continue to do business with us with no disruption, and we will continue to invest in each of our communities just as we do today. Please see the questions and answers below to learn more!
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. 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.
Simply put, this merger strengthens our financial position and enhances the long-term success of our organizations, while still allowing each bank to operate independently, and MountainOne Insurance and MountainOne Investments to continue to grow.
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 MountainOne Bank and Mechanics Cooperative 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 MountainOne Bank. Our corporate headquarters will remain in North Adams, your local branch will continue to operate as is, and our dedicated team of professionals will be there to answer all your questions.
No. MountainOne Bank, MountainOne Insurance, and MountainOne Investments will continue under their existing names and brands, headquarters, and locations.
No. MountainOne Bank’s leadership team will remain the same. Robert Fraser will continue as President and Chief Executive Officer of MountainOne Bank and Joseph T. Baptista Jr., will 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 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 combined 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 holding company’s Board of Trustees, awaits regulatory and Corporator approval.
As this is a merger into a combined mutual holding company, no customer data or bank-specific systems will be merged.
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 growth opportunities, including acquiring and/or developing other lines of business. As a mutual banking institution, MountainOne Bank is owned by our depositors, not by 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 offices, and you will still have access to the same products and services we currently provide.
The timeline is somewhat fluid, but we will continue to share updates with our key constituents. Regulatory approval is expected later this year.
Please reach out! We are excited to answer all your questions relating to this merger of holding companies. You are welcome to email us here, call our Customer Care team at 855-444-6861, stop into a MountainOne location, or reach out to your banker, lender or advisor directly!