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 currently scheduled for October 2020.
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.
After months of discussion and much due diligence, the Boards of Directors of Bridgewater Savings Bank (BSB) and Mansfield Bank (MB) have signed a Merger Agreement to join the two banks into a single, larger and highly capitalized new entity. The new bank will retain its mutual form of ownership. Peter Dello Russo current President and CEO of Bridgewater Savings Bank will become CEO, and Meg McIsaac current President and CEO of Mansfield Bank will be President of the merged institution.
By joining forces, we will create a very highly capitalized bank with nearly $1.2 billion in assets, giving us the financial strength to successfully meet the needs of our employees, customers and communities in the future. In short, we are better together.
- 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.
We have obtained approval from both the Bridgewater Savings Bank and Mansfield Bank Boards of Directors. The proposed merger was also approved by the Corporators of Bridgewater Savings and Depositors of Mansfield Bank. We have received Federal approval. We are waiting for approval by the State, with the goal of having all in place by the second quarter of 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 do not anticipate any near-term changes to employee benefits or compensation. As always, we will be constantly reviewing opportunities for enhancing our benefit offerings and evaluating our compensation plans, utilizing outside professional advisors when appropriate. We will communicate updates as they become available.
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.
Yes. Bluestone Bank will have a new logo. Work on this is currently underway. An announcement will be forthcoming once a final decision has been made.
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.