MountainOne to Take Single Bank Charter
In the next phase of integration, MountainOne Financial Partners announces that it plans to unite its banking operations under a single charter in 2013. Following the successful combination of Hoosac Bank and Williamstown Savings Bank operations earlier this year, the company is moving forward in bringing its South Coastal Bank unit into a common MountainOne Bank charter for all three banks. The banks will retain their current identities and independent community focus while operating as “A Division of MountainOne Bank.” The integration is subject to regulatory approval and is targeted for completion in the third quarter of 2013.
"We will preserve the heritage of three fine institutions," said Thomas S. Leavitt, President & Chief Executive Officer of MountainOne. "We are fulfilling a commitment to a common platform that will drive efficiency and allow us to focus our programs on outstanding customer care. South Coastal Bank CEO Robert Fraser and I have worked with our teams to assure that we will honor the history of deep community connections in the Berkshires and on the South Shore of Massachusetts. MountainOne's ten years of development has led us to this opportunity to achieve integration of products, services, and systems." Leavitt noted that he will serve as CEO of the unified bank and that Fraser will become Chief Operating Officer.
Said Fraser, "Our South Coastal board, management team, and staff are all excited to be part of a larger banking presence in the Commonwealth. We will come together with new customer initiatives supporting a strong identity and local decision making in each of our communities." Fraser added, "As I have visited North Adams, Williamstown, and Pittsfield over the past year, I have been pleased with the strength of the MountainOne name and the strong ties that Hoosac Bank and Williamstown Savings Bank have forged for well more than a century. I look forward to working with Tom and our banking teams in Eastern & Western Massachusetts to advance all of MountainOne.”
“We are decidedly leaning into the 21st Century with our MountainOne Financial Center in Pittsfield,” added Leavitt. “This new facility in an important market brings the best of our banking, insurance, and investment advisory services together in a compelling way. Our communities can expect to see this model advanced as we bring our three banking brands into alignment and innovate with both our physical and digital delivery channels.”
The action to consolidate Hoosac Bank, Williamstown Savings Bank (A Division of Hoosac Bank), and South Coastal Bank under one bank charter has been approved by the board of directors of each of the banks and by MountainOne Financial Partners. Formal applications will be filed with the Massachusetts Division of Banks and the Federal Deposit Insurance Corporation.
MountainOne Financial Partners, a mutual holding company headquartered in North Adams, has combined assets of over $800 million and over 200 employees. Hoosac Bank, Williamstown Savings Bank, and South Coastal Bank provide a broad range of banking services for personal and business customers. Hoosac Bank, established in 1848, has offices in North Adams and Williamstown as well as a commercial lending office in Pittsfield; Williamstown Savings Bank, founded in 1892, has an office in Williamstown and a mortgage office in Bennington, VT; and, South Coastal Bank, founded in 1868, has offices in Rockland, Scituate, and Quincy. Coakley, Pierpan, Dolan & Collins (CPDC) and Stevenson & Co. offer property and liability insurance to businesses and individuals. CPDC, founded in 1927, serves customers through offices in North Adams, Adams, Williamstown, and Pittsfield. Stevenson & Co., founded in 1867, serves customers through an office in Pittsfield. True North Insurance Agency, established in 1997, provides group health, life, and disability insurance through offices in North Adams, Williamstown, and Pittsfield. True North Financial Services, a division of Hoosac Bank, has offices in North Adams, Williamstown and Pittsfield and its financial professionals offer Securities and Advisory Services through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.