Framingham Bank Merger Approved
Framingham Co-operative Bank shareholders have approved the bank's plans to merge with Natick Federal Savings Bank. The merged company will be known as MutualOne Bank.
The new bank will have three full-service facilities – two in Framingham and one in Natick – and an administration center in Framingham.
Framingham Co-operative reported $398 million in assets at the end of last year, while Natick Federal Savings had $156 million.
The banks' executives said no jobs will be lost in the merger.
Mark R. Haranas, president and CEO of Framingham Co-operative, will serve as president and CEO of MutualOne, while Brian K. Peoples, president and CEO of Natick Federal Savings, will join the governing board.
The merger, which also requires approval by regulatory agencies, is expected to be completed during the third quarter.
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