Framingham And Natick Banks To Merge
Framingham Co-operative Bank and Natick Federal Savings Bank are merging, they announced today.
Framingham Co-op CEO Mark Haranas and Natick Federal CEO Brian Peoples said in a joint statement that increasing regulatory and operational expenses made the move necessary.
"The consolidation will maintain our strength as a well-capitalized mutual institution with the size necessary to compete in today's banking environment," Peoples said.
Framingham is the larger bank and had $398.4 million in assets at the end of 2011, according to the FDIC. Natick had $156 million.
The new entity - for which a name has yet to be chosen - will have two branches in Framingham and one in Natick, as well as anadministrative center in Natick. Haranas will be president and Peoples will join the governing board. It will operate under a state co-operative charter.
The banks said no jobs would be lost in the merger, which is subject to regulatory approvals and is expected to be completed during the third quarter.
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