MANSFIELD – Two century-old local banking institutions are joining forces. Bridgewater Savings Bank and Mansfield Bank recently announced they are merging into one financial institution with a name yet to be announced. Customers of both banks probably won’t see many changes right way.
“We are working on that,” Mansfield Bank president and chief executive officer Meg McIsaac said of the new name.
A name and logo should be announced in 30 to 90 days, Bridgewater Savings Bank President and Chief Executive Officer Peter Dello Russo said.
McIsaac will be president and Russo will be chief executive officer of the new bank.
Bridgewater Savings Bank, which was founded in 1872, has eight branches – Bridgewater, Taunton, Raynham, East Bridgewater, West Bridgewater, Bridgewater center, Pembroke and Lakeville. It has 112 employees and a customer base of 28,000.
Mansfield Bank, which started in 1883, has four branches in Mansfield, Norton, Plainville and East Bridgewater, just under 100 employees and a customer base of 22,000.
Headquarters will be in the Bridgewater Savings Bank’s Raynham location.
Both have charitable foundations which donated about $175,000 each to local communities last year.
The merger will create a nearly $1.2 billion bank with 12 banking offices, two loan production offices and financial advisory and wealth management services.
All branches will remain open and eventually customers will be able to do business at all locations. No staff reductions…