Martha’s Vineyard Bank has announced the election of Robert (Bob) Mone as a bank corporator.
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.
This fall, the Martha’s Vineyard Savings Bank Charitable Fund awarded $20,250 in grants to 10 nonprofit and community groups, to fund programs in support of the arts, education, the elderly, community affairs, health care and youth programs.
The newly created Martha’s Vineyard Savings Bank will officially open for business following Veterans Day weekend, as a result of the merger of the Martha’s Vineyard Cooperative Bank and Dukes County Savings Bank.
Shareholders, Corporators
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 Dukes County Savings Bank and Martha's Vineyard Cooperative Bank, both respected institutions with long histories on the Island, have confirmed plans to merge and become a single community bank with total assets of $460 million.
