MANSFIELD – Mansfield Bank and Bridgewater Savings Bank have signed a merger agreement, the banks announced last week.
Both boards of directors have approved the merger, but the banks still require regulatory approval. The banks have set a goal of merging by the second quarter of 2020. The combined entity will have roughly $1.2 billion in assets.
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The combined bank will retain a mutual ownership structure. Bridgewater Savings Bank CEO Peter Dello Russo will be CEO of the new entity. Mansfield Bank CEO and President Meg McIsaac will serve as president of the combined bank.
The combined bank will have a new name and logo, which have yet to be determined.
“Both banks are very similar in mission, style and culture, and share a long history of success and growth as independent mutual savings banks serving local individuals, families, businesses and communities,” said McIsaac in a statement. “We share core values of respect, integrity, trust, excellence and good stewardship, and are dedicated to personal service, support for our community and opportunities for employees. Lastly, because we share contiguous but noncompeting markets, we believe it is a natural fit to join together to become even stronger and more competitive.”
No closures are anticipated due to the merger.
