|Hoosac, Williamstown Savings To Share Bank Charter|
|02:44PM / Tuesday, January 31, 2012|
NORTH ADAMS, Mass. — Hoosac and Williamstown Savings banks are consolidating under a single bank charter but will keep their current names.
Hoosac Bank and Williamstown Savings are consolidating under the same charter but will keep their names. Our Facebook fans will recognize Hoosac's temperature sign on the 'sunny side of the street'; this was taken Tuesday afternoon.
The banks operate as part of MountainOne Financial Partners, a mutual holding company that also includes South Coastal Bank in the eastern end of the state among its financial holdings. After the consolidation, Williamstown Savings Bank will operate as a division of Hoosac Bank.
"We are confident that this strategic decision will be good for our customers, good for our employees, and good for our communities," Stephen G. Crowe, president and chief executive officer of MountainOne Financial Partners, said in a statement. "With the economy today, it is important to manage any business as efficiently as possible. By consolidating bank charters, we can eliminate redundant expenses for certain back-office functions like audits, mandated regulatory filings, and vendor contracts.
"This is a natural evolution of our successful move to streamline other bank functions — such as accounting, operations, information technology, human resources, and compliance — that began when we formed MountainOne Financial Partners in 2002."
Crowe said the faces won't change — customers will be served by the same employees — but the consolidation will strengthen the community banks.
Hoosac was established in 1848 and has branches in North Adams and Williamstown, with a commercial lending arm in Pittsfield. Williamstown Savings was founded in 1892 and also has an office in Bennington, Vt.
The decision to consolidate the banks has been approved by each board of directors and by MountainOne Financial Partners. Formal applications will be filed with the Massachusetts Division of Banks and the Federal Deposit Insurance Corp., and final regulatory approval is expected in the second quarter of 2012.
Both banks donate at least 10 percent of their net income after taxes every year to not-for-profit organizations that support the community through human services, health care, education, youth activities, and cultural events. In addition, the banks encourage employees to share their time through leadership and volunteer positions with these organizations.
MountainOne Financial Partners, headquartered in North Adams, has combined assets of more than $800 million and more than 200 employees. It includes Coakley, Pierpan, Dolan & Collins Insurance Agency and True North Insurance Agency.