Middlesex, Strata Merger Complete
With its acquisition of Strata Bank complete, Natick-based Middlesex Savings Bank becomes the 8th largest bank in the state and the 2nd largest mutual bank in the state.
Middlesex announced that it would acquire Medway-based Strata in December.
Middlesex's parent mutual holding company, Middlesex Bancorp MHC, also acquired Service Bancorp MHC and Service Bancorp Inc., the parent holding companies of Strata Bank.
The acquisition makes Middlesex a $4 billion institution with 100,000 customers in eastern Massachusetts. The bank now has 31 branches and four commercial banking offices in 30 towns.
Middlesex said Strata branches would retain the Strata name until Aug. 17.
Strata President and CEO Edward Hjerpe III announced in May that he would become president and CEO of the Federal Home Loan Bank of Boston after the close of the merger. Hjerpe took over at Strata last fall after the resignation of former President and CEO Pamela Montpelier.
At that time, the bank was struggling to recover from about $8 million in losses related to investments in Fannie Mae, Freddie Mac, Lehman Bros. and AIG.
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