Dukes County and Cooperative Banks Will Announce Merger

By JULIA WELLS

The Dukes County Savings Bank and Martha's Vineyard
Cooperative Bank - two respected community banks whose presence on
the Vineyard reaches back for more than 50 and nearly 100 years
respectively - plan to announce this week that they will merge,
the Gazette has learned.

It is understood that employees and corporators at both banks were
informed yesterday about the planned merger, which is still subject to
approval by state and federal regulators.

News of the planned merger reached the Gazette at press time, and
leaders at both banking institutions could not be reached for comment.
But it is understood the banks intend to put out a press statement about
the merger as early as today.

State-chartered and founded in 1955 with initial deposits of
$400,000, the Dukes County Savings Bank faced early opposition from the
two national banks on the Vineyard - Edgartown National and
Martha's Vineyard National (today Sovereign Bank). "The
trend on the Island is for increasing wealth in the form of land and new
buildings," declared Henry Corey, one of the founders, during
testimony at the State House in Boston in July of 1954.

Today the savings bank, with headquarters in Edgartown and branch
offices in five of the six Island towns, is a well-established presence.
The president and chief executive officer is Chris Wells.

Founded in 1908, the cooperative bank was first housed in the
Martha's Vineyard National Bank building; its first loan was $500
to a woman to buy a home. Today the bank is still headquartered in
Vineyard Haven with branches in West Tisbury and Oak Bluffs. The
president is Richard Leonard.