The combined bank will consist of three full-service banking offices – two located in Framingham and one in Natick – and an administration center in Framingham. The assets of the two banks will be blended, and the employees of the two banks will be combined.

Mark R. Haranas, president and chief executive officer of Framingham Co-operative Bank, and Brian K. Peoples, president and chief executive officer of Natick Federal Savings Bank previously stated that no jobs will be lost as a result of the merger.

The combined bank will operate under a Massachusetts co-operative bank charter, with Haranas serving as president and CEO. Peoples and three other members of the Natick Federal Savings Bank board of directors will join the current members of the Framingham Co-operative Bank board of directors to form the governing board of MutualOne Bank.

All deposits at MutualOne Bank will be insured in full through a combination of coverage by the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund (SIF) of Massachusetts.

Framingham Co-operative Bank, a state-chartered mutual co-operative bank founded in 1889, had $398 million in assets as of December 31, 2011. Natick Federal Savings Bank, a federally chartered mutual savings bank formed in 1886, had $156 million in assets as of December 31, 2011.

The merger, which also requires approval by regulatory agencies, is expected to be completed during the third quarter of 2012.

]]> http://www.framinghambank.com/wordpress/index.php/2012/05/17/framingham-co-operative-bank-merger-approved/feed/ 0 http://www.framinghambank.com/wordpress/index.php/2012/04/19/2012-checking-for-charity-campaign-natick-veterans-council/ http://www.framinghambank.com/wordpress/index.php/2012/04/19/2012-checking-for-charity-campaign-natick-veterans-council/#comments Thu, 19 Apr 2012 19:46:10 +0000 Rachel Stewart http://www.framinghambank.com/wordpress/?p=2753  Framingham Co-operative Bank is proud to announce the selection of the Natick Veterans Council as the recipient of our 2012 Checking for Charity campaign. The Council will receive $10 for every checking account we open in 2012.

The Power Lunch program is a lunchtime reading and mentoring program proven to improve children’s reading skills and attitudes toward reading.  Each week, over 140 volunteers from local businesses and community groups, travel to elementary schools during the lunch hour for one-to-one reading with students, promoting the skills and love of reading through reading aloud, sharing favorite stories, and talking about books.  Funding from Framingham Co-operative Bank Charitable Foundation has helped EWMB reach over 100 students from both Woodrow Wilson and Brophy Elementary Schools in Framingham providing each child a reading mentor for the school year.

 EWMB’s Executive Director, Julie Burleigh, noted, “We are thrilled that the Power Lunch program has been so embraced by the business community in Framingham. We are very grateful to the Framingham Co-operative Bank Charitable Foundation for taking a leadership role to ensure children in the local community are able to take advantage of the life-long benefits of becoming skilled and avid readers.”

Everybody Wins! Grant was included in the total of $34,000 in community support awarded by the Framingham Co-operative Bank Charitable Foundation during its most recent round of funding.  Since it was established in 1998, the Foundation had donated over $2 million to charitable causes as part of its commitment to improve and enhance quality of life for local residents.

The 2012 recipient of the Jim O’Connor Community Service Award is the Framingham Co-operative Bank Charitable Foundation.  The Framingham Co-operative Bank has been a consistent and staunch supporter of Framingham and neighboring communities for over 100 years.  In 1998, The Framingham Co-operative Bank Charitable Foundation was established by the Bank to support charitable, education and civic purposes within the greater Framingham area.  Since the Charitable Foundation was founded, they have devoted more than 2.1 million dollars to improve and enhance the quality of life for local residents. 

The Charitable Foundation has supported the youth of  Framingham in many ways.  Through two separate scholarship initiatives, the Foundation supports the young people of our community as they pursue their academic Goals.  The Roland J. Bunnell II Memorial  Scholarship awards three $5,000 scholarships each year to a graduating senior from each of the three high schools in Framingham: Framingham High School, Marian High School and Keefe Technical High School.  In addition, the Charitable Foundation has provided funding for the Edwin Marin Memorial Scholarship program at Framingham High School, which provides three $1,000 scholarships to Latino students continuing on to college.  

In addition to yearly scholarships, the Charitable Foundation has supported numerous programs, projects and activities for youth, designed to help provide them with a solid foundation for future success.  Over the years, the Foundation has supported many teams and groups at Framingham High School, including the athletic video production, John Andrew Mazie Mentoring,  award cases and flat screens for the Theatre and for the Performing arts, football 100^th year video, the dance team, the Yearbook, the hockey teams, and much more. 

Framingham Co-operative Bank and Natick Federal Savings Bank have agreed to combine their two institutions to better serve the MetroWest region.

A joint announcement of the plan was made today by Mark R. Haranas, president and chief executive officer of Framingham Co-operative Bank, and Brian K. Peoples, president and chief executive officer of Natick Federal Savings Bank.

The combined bank will consist of three full-service banking offices – two located in Framingham and one in Natick – and an administration center in Framingham. Haranas and Peoples emphasized that no jobs will be eliminated as a result of the merger.

“Increasing regulatory and operational expenses make it very difficult for the small community bank to thrive,” said Peoples. “The consolidation will maintain our strength as a well-capitalized mutual institution with the size necessary to compete in today’s banking environment.”

The joining of Framingham Co-operative Bank and Natick Federal Savings Bank is a consolidation of two mutual banks into one institution. The assets of the two banks will be blended, and the employees of the two banks will be combined. There are no stockholders or holding companies involved.

“Retaining a mutual charter was very important to the managements of both banks,” stated Haranas. “The banks serve contiguous markets and share major supporting vendors. This will allow the new bank to increase services to both markets, while reducing expenses in many key non-employee areas,” he continued.

The bank will operate under a Massachusetts co-operative bank charter, with Haranas serving as president. Peoples and three other members of the Natick Federal Savings Bank board of directors will join the current members of the Framingham Co-operative Bank board of directors to form the governing board at the new bank. In addition, all deposits at the new bank will be insured in full through a combination of coverage from the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund (SIF) of Massachusetts.

Haranas and Peoples expect a smooth transition to the new consolidated bank, with each planning to communicate regularly with customers and the community throughout the process. During the transition, a new name will be selected that builds upon the strengths that both institutions have developed during their proud histories.

Framingham Co-operative Bank, a state-chartered mutual co-operative bank founded in 1889, had $398 million in assets as of December 31, 2011. Natick Federal Savings Bank, a federally chartered mutual savings bank formed in 1886, had $156 million in assets as of December 31, 2011.

The merger is subject to a process that includes approval by regulatory agencies. It is expected to be completed during the third quarter of 2012.

 Each year around the world, International Women’s Day (IWD) is celebrated on March 8. Thousands of events occur not just on this day but throughout March to mark the economic, political and social achievements of women.

The donations to the two food pantries represent a gift of $10 for each of the 655 new personal and business checking accounts opened by customers since the promotion was announced. The number of new checking accounts opened during the 2011 campaign topped all previous records. The Checking for Charity initiative will continue with a new funding partner to be announced soon. Watch for details in our branches, at FraminghamBank.com, and on our Facebook page.

Photo caption:
 From left: Mary Kulas, Executive Director, St. Bridget’s Food Pantry,Steve Sousa, SVP Framingham Co-operative Bank; and Executive Director, A Place To Turn, Joanne Barry.

The Hall at Patriot Place

Your Package Will Include:
Round trip motorcoach transportation to Gillette Stadium, admission to The Hall of Fame,time for lunch at the many restaurants,time to shop at the many stores all this for just $5.00 per person. 

Tickets are limited to 4 tickets per household. 

Contact: Rachel Stewart 508.532.8326  at rstewart@framinghambank.com to register for this trip or visit the bank and speak to a customer service representative.

Date: Saturday, April 21, 2012
Bus Pickup Time: 11:00 AM
Departure Time:    4:00 PM
Pick up Location:
Framingham High School
115 A Street
Framingham, MA 01701