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Local Community Events

Find out what’s going on locally at Northampton Cooperative Bank – and don’t forget to check back in with us to see what’s new.

BANK NEWS - PRESS RELEASE - September 9, 2014

Contact Persons: William Stapleton, Northampton (413) 584-4474 AND/OR Michael Tucker, Greenfield (413) 772-0293, ext. 124

Northampton Cooperative Bank depositors approve Plan of Consolidation with Greenfield Co-operative Bank to form single co-operative.

William Stapleton, President & CEO of Northampton Cooperative Bank announced today that at a Special Meeting of the Northampton Cooperative depositors, the 88% of depositors voting approved the Plan of Consolidation to merge with Greenfield Co-operative Bank in forming a single co-operative bank. The Plan of Consolidation had already been approved by the Board of Directors of both banks. Subject to normal regulatory approvals and other customary closing conditions, it is anticipated the consolidation will occur in the first quarter of 2015. Mr. Stapleton noted that "with the depositor approval in hand, we will complete our submission of regulatory applications to both the Massachusetts Division of Banks and the Federal Reserve Bank of Boston." Management has held preliminary discussions with both regulators and they have been supportive of the actions planned for the banks partnership.

Mr. Stapleton noted that both entities are state-chartered co-operative banks that, when combined, will operate under the Greenfield Co-operative Bank charter. Once the merger into one co-operative bank is final, all customers of each bank will be able to use the offices and ATMs of the other bank. The management of both banks cited the ability to give their customers access to a total of 10 full service locations and 11 ATMs located in Hampshire and Franklin counties as one of the reasons for this merger. The banks will also benefit from improved economies of scale and more efficient operations.

Mr. Stapleton and Mr. Tucker both re-affirmed there will be absolutely no layoffs or office closings as a result of this co-operative merger. The combined bank will have just over $500 million in assets, over $60 million in capital, and 95 employees. The Northampton Cooperative name will continue to be used on all current and future offices in Hampshire County, as a division of Greenfield Co-operative Bank. All current and future Franklin County offices will continue to operate under the Greenfield Co-operative Bank name, and it will remain a subsidiary of Greenfield Bancorp, MHC a mutual holding company. William Stapleton will serve as CEO of the holding company and Chairman of the combined bank, with Michael E. Tucker remaining as President of the holding company and President & CEO of the combined bank. The bank and holding company Boards will include the members of both bank boards to assure continuity of both institutions.

Both banks have served their communities for over 100 years. Northampton Cooperative Bank has four offices, two in Amherst and two in Northampton, Massachusetts. Greenfield Co-operative Bank has six full service offices located in Greenfield (2), Northfield, Sunderland, Shelburne Falls, and Turners Falls plus its Commercial and Financial Services office in Greenfield.

 

BANK NEWS - PRESS RELEASE - June 24, 2014

Contact Persons: William Stapleton, Northampton (413) 584-4474 AND/OR Michael Tucker, Greenfield (413) 772-0293, ext. 124

Northampton Cooperative Bank and Greenfield Co-operative Bank to form single co-operative.

William Stapleton, President & CEO of Northampton Cooperative Bank, and Michael Tucker, President & CEO of Greenfield Co-operative Bank, announced today that their two co-operative banks have agreed in principle to join forces to form a single co-operative bank. A consolidation plan has been approved by the Board of Directors of both banks. Both entities are state-chartered co-operative banks that, when combined, will operate under the Greenfield Co-operative Bank charter. Once the merger into one co-operative bank is final, all customers of each bank will be able to use the offices and ATMs of the other bank.

Officials of both banks cited the ability to give their customers access to a total of 10 full service locations and 11 ATMs located in Hampshire and Franklin counties as one of the reasons for this merger. The banks will also benefit from improved economies of scale and more efficient operations. Subject to normal regulatory and other customary closing conditions, it is anticipated the consolidation will occur in the first quarter of 2015.

The combined bank will have approximately $495 million in deposits, $60 million in capital, and 95 employees. Management confirmed there will be absolutely no layoffs or office closings as a result of this co-operative merger. The Northampton Cooperative name will continue to be used on all current and future offices in Hampshire County, as a division of Greenfield Co-op. All current and future Franklin County offices will continue to operate under the Greenfield Co-operative Bank name, and it will remain a subsidiary of Greenfield Bancorp, MHC a mutual

holding company. William Stapleton will serve as CEO of the holding company and Chairman of the combined bank, with Michael E. Tucker remaining as President of the holding company and President & CEO of the combined bank. The bank and holding company Boards will include the members of both bank boards to assure continuity of both institutions.

"I can’t think of a more logical and mutually beneficial combination of strengths than this partnership. Both banks are well capitalized, operate under similar charters, and are located in adjacent counties," said Northampton Co-op Bank President and CEO William Stapleton. "Both of our institutions are very similar in operations and culture," added Stapleton. "We are small, friendly, customer-oriented institutions, and proud of our long traditions in outstanding community service. Customers of both banks will continue to be served by the same dedicated people they have always known." Stapleton also noted that "As mutual institutions, we can continue to take the long-term view, and we will work together to ensure that this new, local community bank is here for the next century of service to our marketplace."

Greenfield Co-operative Bank President and CEO Michael E. Tucker said that customers of both banks will enjoy many advantages from this affiliation. "Consumers will benefit from greater banking access via 10 branch locations and 11 ATMs located throughout Hampshire and Franklin Counties. In addition, Northampton Cooperative customers would have access to new Financial Services and low cost Mass Save energy loans. A single co-operative bank also expands opportunities for commercial lending, such as SBA loans, which will now be available to the customers of Northampton Cooperative". Tucker also noted that the "Customers of both banks will continue to have excellent deposit products, including free Mobile and Online banking with free Bill Pay and free Debit card services."

Both banks have served their communities for over 100 years. Northampton Co-operative Bank has four offices, two in Amherst and two in Northampton, Massachusetts. Greenfield Co-operative Bank has six full service offices in Greenfield (2), Northfield, Sunderland, Shelburne Falls, and Turners Falls plus its Commercial and Financial Services office in Greenfield.