Approve Bank Merger
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.
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. 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 automatic teller machines.
“Our application now awaits final approval by the [Federal Deposit Insurance Corp.] 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 by the end of September.”
No layoffs are expected as a result of the merger, which was announced in June.