The Edgartown National Bank, the Island’s second oldest bank, will be acquired by the Rockland Trust Company. Due to be completed next spring, the transaction is valued at about $24.5 million.

The Edgartown National Bank was awarded the coveted rank of “outstanding” under the Community Reinvestment Act, a rare achievement for an Island bank. Loans and other assistance to affordable housing groups helped to boost the ranking.

Officials from the Edgartown National Bank are warning customers to beware of counterfeit cashier’s checks being circulated that bear the institution’s name and logo. The fake checks are reportedly part of a nationwide scam in which someone receives a letter telling them they have been selected to participate in a mystery shopper program.

Martha’s Vineyard’s two community banks face hundreds of thousands of dollars in extra costs as a result of increased demands from the federal agency charged with protecting customer deposits.

The two local banks, the Martha’s Vineyard Savings Bank and Edgartown National Bank, neither of which was complicit in the reckless financial practices which precipitated the banking crisis, will nonetheless have to pay increased fees to help bail out customers of banks which go bust.

The Martha’s Vineyard Commission got its first look at the Edgartown National Bank’s ambitious plans to demolish the Oyster Bar, an Oak Bluffs restaurant, and build a three-story building in its place. On Monday, building plans presented to commissioners included a bank branch, two commercial units and four two-story townhouse condominiums at the Circuit avenue site of the former restaurant.