TAUNTON – Mechanics Cooperative Bank has agreed to merge with Bridgewater Cooperative Bank, forming a $180 million institution with two offices in Taunton, one in North Dighton and one in Bridgewater. Full terms of the deal were not disclosed.
Four directors at Bridgewater Cooperative Bank would become directors of the combined institution, which would be called Mechanics Cooperative Bank, while the remaining Bridgewater directors would serve on an advisory panel to assist in the transition. Mechanics would keep all the Bridgewater employees, the banks said.
The second-oldest cooperative bank in Massachusetts, Mechanics was founded in 1877 in Taunton, the “Silver City.” At the time, the manufacture of silver goods was Taunton’s leading industry and “mechanic” was a common nickname for silversmiths.
“Joining with Bridgewater was a natural pairing for us because both banks share the same goal of providing customer-driven services in a friendly banking environment,” said Joseph T. Baptista Jr., president and chief executive officer of Mechanics Cooperative Bank. “We are pleased to extend our reach in both product offerings and community support throughout more of southeastern Massachusetts. Our staff, myself included, looks forward to serving the customers of Bridgewater for many years to come.”
The merger is expected to close late this year, pending regulatory approval, the banks said. As part of the transaction, Mechanics has agreed to give $100,000 over the next three years to charities in the Bridgewater area.
“Our board of directors was agreeable to this merger because Mechanics has a similar philosophy for community-based banking,” said Arthur Wyman, chairman of the board at Bridgewater Cooperative Bank. “We’re confident that joining with Mechanics will benefit all of our customers and the greater community. As a result of the merger, our shareholders will become shareholders in Mechanics Cooperative Bank.”
Mechanics Cooperative Bank has two offices in Taunton and one in Dighton, with total assets of nearly $165 million. To learn more, call 1-888-Mechanics or visit www.Mechanics-Coop.com.
