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Adams Co-Op, South Adams Bank Merger Approved
The Federal Deposit Insurance Fund and the state Division of Banks and Depositor's Insurance Fund gave the banks notification of the approval on Dec. 9. The new Adams Community Bank will be a $400 million entity of two of the county's oldest community banks.
The merging was announced in September.
"This is an early Christmas present for both banks," said Joseph Truskowski Jr., president and CEO of Adams Co-Operative Bank, in a statement. "We anticipated receiving the news but not all final approvals until after the holidays."
The merger is expected to be completed in early 2012. Adams Community Bank will now consist of seven full-service offices spanning across the county and no jobs are expected to be eliminated, according to banking officials. The boards of trustees for each bank will create one 20-person managing board for the new bank.
"We will now dedicate our full attention to developing our products and signage for Adams Community Bank so it’s a seamless transition for our customers," Charles P. O'Brien, president and CEO of South Adams Savings Bank, said in the state. "Since voting on the new name of the institution in October, we have been developing the brand elements - particularly the Adams Community Bank's logo."
Adams Co-Operative Bank, a state-chartered co-operative bank founded in 1895, has $196 million in assets and three offices. South Adams Savings Bank, founded in 1869, has $197 million in assets and four offices. Together the banks employ about 90 people.
