Western Massachusetts bank merger approved
Regulators approved a proposed merger between two co-op banks in Western Massachusetts.
Greenfield Cooperative Bank and Northampton Cooperative Bank said Thursday that they had received final approval from the Federal Reserve and the Massachusetts Division of Banks to form one entity. The merger will be legally finalized on April 1, and the banks will integrate their systems through the month of April, the banks said in a statement.
“There will be absolutely no layoffs or office closings as a result of this cooperative merger,” said Michael Tucker, the chief executive of Greenfield Cooperative Bank. “Customers of both banks will continue to be served by the same dedicated people they have always known.”
The Greenfield bank has six locations, according to its website. Northampton has four. The combined bank will continue to do business under both banks’ names, but they will share a new logo, and Northampton bank will operate as a divison of the Greenfield co-op. The combined bank will have more than $500 million in assets and over $60 million in capital.