Federal and state regulators have issued their approval for the merger of The Martha’s Vineyard Co-operative Bank and Dukes County Savings Bank.
The combined bank, to be named the Martha’s Vineyard Savings Bank, will continue to be mutually owned and locally based, with more than $460 million in assets.
The merger will become effective for customers over Veterans Day weekend, Nov. 10 to 12, when the two banking operations will be united.
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. Dukes County Financial Group, the trust and asset management division of Dukes County Savings Bank, will be renamed Martha’s Vineyard Financial Group.
Beginning Tuesday, Nov. 13, all customers may begin using any of the bank’s remaining eight branches and its Islandwide ATM network, as well as the ATM located in the Woods Hole ferry terminal.
All deposits will remain insured by a combination of the Federal Deposit Insurance Corp. and the Depositors Insurance Fund.
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.
“Following the Veterans 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,” said Richard Leonard, who will serve as chief operating officer of Martha’s Vineyard Savings Bank.
“The handful of customers requiring new checks are being personally contacted by bank representatives who will complete the transition for them at no cost,” Mr. Leonard said.
Chris Wells who will serve as president of Martha’s Vineyard Savings Bank, said: “Customers of the combined bank will begin enjoying the benefits of this merger immediately. 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.”
All existing bank phone numbers will remain in place. The new bank’s Web site address will be mvbank.com. The site will also remain accessible for the foreseeable future under the old Dukes County Web address, dukesbank.com.