Here are questions and answers, some you have seen before, but check back often for important updates.
FIS will be the new bank's core provider. The core conversion is scheduled for February 13, 2021.
We are currently conducting an assessment of space at all the locations. We will update everyone once we have more specifics.
The location at 756 Orchard Street in Raynham will be the address used for the new bank’s main office. The Mansfield main office will continue to be a strong financial hub as we become one bank.
- Create a nearly $1.2 billion bank with 12 banking offices, 2 loan production offices and financial advisory and wealth management services.
- Attain the financial strength to compete effectively with larger banks and non-bank financial providers, meet growing regulatory requirements and offer the latest in technology demanded by customers.
- Enhance our ability to grow and prosper, leading to a greater ability to give back to the communities we serve.
- Provide much greater convenience for our customers, by offering increased branch and ATM locations.
- Make larger commercial loans, allowing us to serve a greater number of business customers.
- Offer new and better products and services.
- Provide greater growth opportunities for our employees and greater financial strength, allowing us to attract and retain the best workforce possible.
- Preserve and build upon our long history of mutual ownership.
Both banks are very similar in mission, style and culture. Both banks share a long history of success and growth as independent mutual savings banks serving the individuals, families, businesses and communities in our market areas. Both share the core values of respect, integrity, trust, excellence and good stewardship. Both are dedicated to personal service, community support and opportunities for employees. In addition, we share contiguous but non-competing markets. We believe it is a natural fit to join together to become even stronger and more competitive than we have been separately.
The merger closing date is October 1, 2020.
None are anticipated.
Over time, and after much study, some functions may be combined once the merger has been completed. This will most likely take the form of some adjustments to job duties and responsibilities and to how some departments are structured. We are eager to reach a point where all employees can share ideas and resources that will allow the combined bank to deliver the best products and services while growing stronger. However, there will be much to consider, and any adjustment will require careful study to maximize benefits for our customers and our employees.
It is too early in the process to identify all the ways jobs may be affected. One of our goals is to find ways to benefit from the strengths of each bank. The key to this will be the sharing of ideas and best practices that will allow us to be a better bank once we are together. In any event, careful study will be necessary before any adjustments are made.
We are aware of how important employee benefits are in the lives of employees and their families. We are reviewing both benefits plans so that we may continue to offer a comprehensive and competitive benefits package through Bluestone Bank. Both Banks will remain in their respective benefits plans until December 31st and the Bluestone Benefits package will take effect on January 1, 2021.
The Bluestone benefits package will be rolled out through Paylocity’s benefit administration feature during open enrollment which will start on November 2nd. Prior to that educational sessions via GoToMeeting will be offered on Bluestone Bank’s benefit package.
There will be no reduction of employee years of service.
For now, we will be concentrating on ensuring the success of the new bank formed by the merger of BSB and MB.
We encourage you to talk about the benefits of this merger that are listed earlier in this Q&A, and to pass along any feedback you may receive to your supervisor, manager or Marketing. Should you be asked a question or hear of a concern you do not feel comfortable addressing, please refer it to your supervisor so it can be handled quickly.
Please refer all contacts of that sort to Peter Dello Russo.