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For Release: Nov. 7, 2007
TWO ISLAND BANKS TO FORMALLY MERGE VETERANS’ DAY WEEKEND
Smooth Transition Expected For Customers
EDGARTOWN, Mass., Nov. 7, 2007 – The newly created Martha’s Vineyard Savings Bank will officially open for business following the upcoming Veterans’ Day weekend merger of the Martha’s Vineyard Co-operative Bank and Dukes County Savings Bank.
Regulators issued their formal approval for the combined bank last month. This weekend, the two banks will formally combine their separate operations into one. Beginning Tuesday, Nov. 13, all customers may begin using any of the bank’s eight branches and its Island-wide ATM network, as well as the ATM located in the Woods Hole ferry terminal. The new bank website,www.mvbank.com, will also be available to customers.
On-line and telephone banking services will be interrupted beginning at 5 a.m. Friday until Monday morning while the two computer systems are combined. Also this weekend, Dukes County Savings Bank’s West Tisbury office will be closed and consolidated into the West Tisbury branch of The Martha’s Vineyard Co-operative Bank.
“We have been working extremely hard these last months to make this merger a smooth and easy transition for all of our customers,” said Chris Wells, president of the Martha’s Vineyard Savings Bank.
“As a show of our appreciation, we would like to invite our customers to join us next Tuesday through Friday at any of our eight branches for refreshments. We value our relationships with our customers and hope they will come celebrate their new Island bank with us,” said Richard Leonard, the bank’s chief operating officer.
All bank customers were mailed copies of a guide to the merger this week. The guide includes details of new bank products and fee schedules. In most instances, when combining the two fee schedules, bank officials selected the lower fee or eliminated the fee altogether.
The bank’s offices will be open from 8 a.m. to 5 p.m. Mondays through Fridays and 8 a.m. to Noon on Saturdays. All existing phone numbers will remain in place.
Contact:
Chris Wells or Richard Leonard
508-627-4266
For Release: Sept. 24, 2007
REGULATORS APPROVE MERGER OF THE MARTHA’S VINEYARD CO-OPERATIVE BANK AND DUKES COUNTY SAVINGS BANK
Combined Bank To Retain Historic Island Focus
EDGARTOWN, Mass., Sept. 24, 2007 – Federal and state regulators have issued their approval for the merger of The Martha’s Vineyard Co-operative Bank and Dukes County Savings Bank, paving the way for even stronger community-focused banking.
The combined bank, to be named the Martha’s Vineyard Savings Bank, will continue to be mutually owned and locally based, with over $460 million in assets, eight branches and 12 ATMs. All deposits will remain fully insured by a combination of the FDIC and the Depositors Insurance Fund. Dukes County Financial Group, the trust and asset management division of Dukes County Savings Bank, will be renamed Martha’s Vineyard Financial Group.
The merger will become effective for customers over Veteran’s Day weekend, Nov. 10-12, when the two banking operations will be united into one. At that time, Dukes County Savings Bank’s West Tisbury office will be closed and consolidated into the West Tisbury branch of The Martha’s Vineyard Co-operative Bank.
Beginning Tuesday, Nov. 13, all customers may begin using any of the bank’s eight branches and its Island-wide ATM network, as well as the ATM located in the Woods Hole ferry terminal. As previously announced, no layoffs are anticipated as a result of this combination. Branch staff will be gradually intermingled to provide continuity and familiarity for customers in all locations.
“We have been planning and working together for the past several months to deliver this merger to our customers as seamlessly as possible, and we appreciate everyone’s support and patience,” said Richard Leonard, who will serve as chief operating officer of Martha’s Vineyard Savings Bank. “We are very pleased that there will be little disruption for our customers. Following the Veteran’s Day weekend operational merger, customers will be able to use their existing checks, ATM cards and online and telephone banking services, just as they always have.”
“The handful of customers requiring new checks are being personally contacted by bank representatives who will complete the transition for them at no cost,” Leonard said.
“Customers of the combined bank will begin enjoying the benefits of this merger immediately,” said Chris Wells who will serve as president of Martha’s Vineyard Savings Bank. “Co-operative Bank customers will now have access to branches in Edgartown and Chilmark, as well as the services offered by the Martha’s Vineyard Financial Group. In most instances, when we combined our fee schedules, we chose the lower fee or eliminated the fee altogether.”
Martha’s Vineyard Savings Bank will be headquartered at its 78 Main Street location in Edgartown. The bank’s offices will be open from 8 a.m. to 5 p.m. Mondays through Fridays and 8 a.m. to Noon on Saturdays. All existing phone numbers will remain in place. The bank’s official web site address will be www.mvbank.com. The site will also remain accessible for the foreseeable future under the old Dukes County web address (www.dukesbank.com).
Contact:
Richard Leonard or
Chris Wells
508-627-4266
For Release: Sept. 18, 2007
SHAREHOLDERS, CORPORATORS APPROVE MERGER OF MARTHA’S VINEYARD CO-OPERATIVE AND DUKES COUNTY SAVINGS BANKS
Combined Bank To Retain Strong Community Focus
EDGARTOWN, Mass., Sept. 18, 2007 – Shareholders of The Martha’s Vineyard Co-operative Bank and corporators of Dukes County Savings Bank have approved plans for the two institutions to merge, bank officials announced today.
The Martha’s Vineyard Co-operative Bank shareholders voted their approval at a special meeting on Sept. 13. The Dukes County Savings Bank corporators endorsed the merger proposal at a special meeting on Aug. 28. Both votes are a required component of the approval process.
The combined bank, to be named the Martha’s Vineyard Savings Bank, will continue to be mutually owned and locally based, with over $460 million in assets, nine branches and 12 ATMs. Dukes County Financial Group, the trust and asset management division of Dukes County Savings Bank, will be renamed Martha’s Vineyard Financial Group.
“Our application now awaits final approval by the FDIC and the Massachusetts Commissioner of Banks,” said Chris Wells, Dukes County Savings Bank’s president, who will take on the role of president of Martha’s Vineyard Savings Bank. “We hope to receive a favorable response this fall.”
No layoffs are expected as a result of the merger, which was announced in June
“Our staffs have been planning and working together all summer and are quickly becoming one cohesive, strong team that is focused on a smooth melding of our operations,” said Richard Leonard, president of Martha’s Vineyard Co-operative Bank, who will serve as chief operating officer of the combined bank. “We are committed to providing the highest level of personal service to our customers, and we appreciate their continued patience and support.”
Under the terms of the merger agreement, the Directors of The Martha’s Vineyard Co-operative Bank will join with the members of the Dukes County Savings Bank’s Board of Trustees and its Board of Corporators. The resulting bank will operate within the structure of a state-chartered, mutual savings bank. The combined Martha’s Vineyard Savings Bank will remain FDIC and DIF insured for all deposits.
Philip J. Norton, Jr., the current chairman of The Martha’s Vineyard Co-operative Bank, will be chairman of the combined bank’s expanded Board of Trustees. Frank M. Fenner, Jr., current chairman of the Dukes County Savings Bank, will be vice chairman of the Board of Trustees.
Founded in 1909, The Martha’s Vineyard Co-operative Bank is a state-chartered, mutual co-operative bank, with assets of $160 million and headquarters in Vineyard Haven. The Co-op (www.mvbank.com) employs 46 people in three Vineyard locations.
Dukes County Savings Bank, founded in 1955, is a state-chartered mutual savings bank headquartered in Edgartown. The bank (www.dukesbank.com) has assets exceeding $300 million, 61 employees and seven locations on the Island.
Contact:
Robin Estrin
B/R Creative
201-9342 (cell)
For Release: June 7, 2007
THE MARTHA’S VINEYARD CO-OPERATIVE BANK AND DUKES COUNTY SAVINGS BANK ANNOUNCE PLANS TO MERGE
Combined Island Bank To Increase Services, Community Outreach
MARTHA’S VINEYARD, Mass., June 7, 2007 – The Martha’s Vineyard Co-operative Bank and Dukes County Savings Bank today announced plans to merge, creating an Island bank with a wider community reach and more than $460 million in assets.
The combined bank, to be named the Martha’s Vineyard Savings Bank, will continue to be mutually owned and locally based, with nine branches, 12 ATMs and a trust and investment office serving Martha’s Vineyard. The merged bank will provide a broader offering of financial products and services for customers, increased career opportunities for staff, and greater prospects for local community investments and grants.
“This merger is a terrific opportunity that also makes tremendous sense. It brings together two financially strong and deeply-rooted Island banks that share a common mission supported by consistent community values,” said Richard Leonard, president of The Martha’s Vineyard Co-operative Bank.
“This banking combination joins two institutions that have always believed in top-notch customer service,” said Chris Wells, Dukes County Savings Bank’s president. “By pooling our resources and talent, we can focus on becoming the premier bank for the local and seasonal consumers and businesses of Martha’s Vineyard for generations to come.”
The proposed transaction will ensure continued access to a strong and competitive local bank that is owned by, and answers to, its customers. No layoffs are expected as a result of this merger.
The merger needs the approval of federal and state regulators, as well as the Dukes County Savings Bank’s Board of Corporators and The Martha’s Vineyard Co-operative Bank’s depositors. The approval process is expected to be completed by the end of this year.
Under the terms of the proposed merger agreement, the Directors of The Martha’s Vineyard Co-operative Bank will join with the members of the Dukes County Savings Bank’s Board of Trustees and its Board of Corporators. The resulting bank will operate within the structure of a state-chartered, mutual savings bank. The combined Martha’s Vineyard Savings Bank will remain FDIC and DIF insured for all deposits.
Mr. Wells will serve as president, while Mr. Leonard will take on the role of chief operating officer. Philip J. Norton, Jr., the current chairman of The Martha’s Vineyard Co-operative Bank, will be chairman of the combined bank’s expanded Board of Trustees. Frank M. Fenner, Jr., current chairman of the Dukes County Savings Bank, will be vice chairman of the Board of Trustees.
Founded in 1909, The Martha’s Vineyard Co-operative Bank is a state-chartered, mutual co-operative bank, with assets of $160 million and headquarters in Vineyard Haven. The Co-op (www.mvbank.com) employs 46 people in three Vineyard locations.
Dukes County Savings Bank, founded in 1955, is a state-chartered mutual savings bank headquartered in Edgartown. The bank (www.dukesbank.com) has assets exceeding $300 million, 61 employees and seven locations on the Island.
Contact:
Robin Estrin
B/R Creative
781-201-9342
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