Marlborough, North Middlesex Banks to Merge

MIDDLESEX COUNTY, MA—Marlborough Savings Bank and North Middlesex Savings Bank have announced they will merge into one bank with nearly $1 billion in assets and $95 million in equity, and 14 branches.

According to an announcement sent by both banks, the merger would "create a new, larger mutual savings bank to provide even greater service and convenience to customers. Centered on an unwavering commitment to hometown banking — this mutually beneficial partnership will combine two organizations with very similar cultures and core values. The merger will also allow the combined bank to offer enhanced benefits such as increased lending capacity, a larger network of branches and ATMs, and continue its legacy of being a responsible neighbor while delivering easy, hassle-free banking."

There are Marlborough Savings Banks located in Marlborough, Hudson, Southborough, Westborough, Sudbury and Northborough. North Middlesex Savings Banks are located in Ayer, Devens, Groton, Shirley, Pepperell, Lunenburg and Littleton.

A name for the bank will be announced during the fourth quarter of 2016.

There will be no staff reductions as a result of the merger.

“Banking is a people business," said Richard K. Bennett, president and CEO of Marlborough Savings Bank in a statement. "Our steadfast commitment to exceptional customer service is built by our teams of dedicated employees. This merger will provide them additional opportunities and teammates to better serve our customers and continue our joint tradition of easy access to decision makers."

“The two banks are vibrant and strong, but we will be stronger together," said Walter J. Dwyer, IV, president and CEO of North Middlesex Savings Bank, in a statement. "This new venture will let us provide customers with the best products, convenience and exceptional service from people they know and trust. We are deeply committed to the principles of mutual savings banks, which are accountable to their customers and by joining forces, we are ensuring the longevity of hometown banks who are deeply rooted in their communities."

Bennett will serve as the Chief Executive Officer of the combined bank and its holding companies while Mr. Dwyer will serve as President. The Boards of Directors of the combined bank and its holding companies will consist of eight directors from Marlborough Savings Bank and seven directors from North Middlesex Savings Bank.