#United States #Partnership #Reading Bank #Wakenfield Bank #Reading, MA

The Formation of a New Banking Partnership

In a significant move aimed at enhancing community banking services, Reading Cooperative Bank and Wakefield Cooperative Bank have announced their partnership. This collaboration is set to create a more substantial financial institution committed to serving customers and the broader community. The excitement surrounding this union lies not only in its immediate benefits but also in the long-term commitment to preserving cooperative banking values.

Strengthening Community Ties

Both banks, rooted in Reading and Wakefield, Massachusetts, have a rich history centered around community service and the mutual banking model. The partnership, while retaining the name of Reading Cooperative Bank, will integrate the resources and customer bases of both institutions. Julieann M. Thurlow, the current President and CEO of Reading Cooperative Bank, will continue to lead the newly combined organization, while Jeffrey A. Worth of Wakefield Cooperative Bank will assume the role of President.

In a joint statement, the bank leaders affirmed their intention: “This partnership combines two financially sound organizations that have long been dedicated to their customers and the communities they serve.” This sentiment underscores the banks' dedication to their mission while expanding their reach and capacity.

A Bigger Presence

The new institution will manage approximately $1.2 billion in assets and maintain 14 full-service locations across 11 communities. Customers can rest assured that their trust in familiar employees and the personal relationships they have built will remain intact. Thurlow assured, “We want to assure customers that no branches will be closed as part of this transaction. This partnership provides convenience and access connecting our original Reading branches in Middlesex County to our newer locations in Lynn and Nahant.”

Commitment to Mutuality

Both banks have always operated under a mutual cooperative banking structure, a commitment that will continue in their combined efforts. The partnership has already received approval from the boards of both organizations and is currently awaiting feedback from bank depositors, as well as the Massachusetts Division of Banks and the Federal Reserve Bank.

The completion of this partnership is targeted for late in the second quarter of 2025. Through the collaboration, both banks emphasize a focus on providing innovative products and services tailored to evolving customer needs while enhancing community engagement.

Future Developments

Further information regarding the transition and future offerings will be communicated to customers and the community as the partnership unfolds. The merger promises to deliver not just an expanded range of banking services, but also a reinforced commitment to the principles that have characterized both banks for years. As they embark on this next chapter, customers can look forward to an enriched banking experience rooted in tradition and adapted for a modern financial landscape.

For additional inquiries about this partnership, customers can contact:

• - Julieann M. Thurlow, President & CEO of Reading Cooperative Bank at 781-942-5000 or visit Reading Cooperative Bank
• - Jeff Worth, President & CEO of Wakefield Cooperative Bank at 781-245-3890 or visit Wakefield Cooperative Bank.