Island bank boards approve merger
Martha's Vineyard Co-operative Bank shareholders and Dukes County Savings Bank corporators approved plans for the two institutions to merge, bank officials announced Tuesday.
The Martha's Vineyard Co-operative Bank shareholders voted their approval at a special meeting on Sept. 13 according to a press release. The Dukes County Savings Bank corporators endorsed the merger proposal at a special meeting on Aug. 28. Both votes are a required component of the approval process.
The combined bank, to be named the Martha's Vineyard Savings Bank, will continue to be mutually owned and locally based, with over $460 million in assets, nine branches and 12 ATMs. Dukes County Financial Group, the trust and asset management division of Dukes County Savings Bank, will be renamed Martha's Vineyard Financial Group.
"Our application now awaits final approval by the FDIC and the Massachusetts Commissioner of Banks," said Chris Wells, Dukes County Savings Bank's president, who will take on the role of president of Martha's Vineyard Savings Bank. "We hope to receive a favorable response by the end of September."
"Our staffs have been planning and working together all summer and are quickly becoming one cohesive, strong team that is focused on a smooth melding of our operations," said Richard Leonard, president of Martha's Vineyard Co-operative Bank, who will serve as chief operating officer of the combined bank. "We are committed to providing the highest level of personal service to our customers, and we appreciate their continued patience and support."
Bank officials have said that no layoffs are expected as a result of the merger, which was announced in June.
Under the terms of the merger agreement, the Directors of The Martha's Vineyard Co-operative Bank will join with the members of the Dukes County Savings Bank's Board of Trustees and its Board of Corporators. The resulting bank will operate within the structure of a state-chartered, mutual savings bank. The combined Martha's Vineyard Savings Bank will remain FDIC and DIF insured for all deposits.
Philip J. Norton, Jr., the current chairman of The Martha's Vineyard Co-operative Bank, will be chairman of the combined bank's expanded Board of Trustees. Frank M. Fenner, Jr., current chairman of the Dukes County Savings Bank, will be vice chairman of the Board of Trustees.
Founded in 1909, The Martha's Vineyard Co-operative Bank is a state-chartered, mutual co-operative bank, with assets of $160 million and headquarters in Vineyard Haven. The Co-op (www.mvbank.com) employs 46 people in three Vineyard locations.
Dukes County Savings Bank, founded in 1955, is a state-chartered mutual savings bank headquartered in Edgartown. The bank (www.dukesbank.com) has assets exceeding $300 million, 61 employees, and seven locations on the Island.