Parent Companies of MountainOne Bank and Mechanics Cooperative Bank Enter Agreement to Merge

NORTH ADAMS, Mass. - March 25, 2025 - PRLog -- MountainOne Financial, MHC, the mutual holding company parent of MountainOne Bank, and Mechanics Bancorp, MHC, the mutual holding company parent of Mechanics Cooperative Bank, are pleased to jointly announce they have entered into a formal agreement to merge into a combined Mutual Holding Company. After the completion of the merger, the new consolidated holding company for both banks will be MountainOne Financial, MHC and both banks will continue to operate independently, retaining their respective charters, headquarters, and brand names. The agreement, approved by each institution's Boards of Trustees, awaits regulatory and Corporator approval.

After completion of the merger, the new consolidated holding company for both banks will have approximately $1.8 billion in assets and 15 full-service retail banking locations across Massachusetts. Robert J. Fraser will become Chairman and Joseph T. Baptista Jr. will become President and Chief Executive Officer of the combined Mutual Holding Company. Fraser will continue in his role as President and Chief Executive Officer of MountainOne Bank and Baptista will also remain as President and Chief Executive Officer of Mechanics Cooperative Bank. Under the terms of the agreement, both entities are proud to share there will be no reductions in staff at either institution. Furthermore, the agreement specifies a shared commitment to mutuality – a cornerstone of the combined organization.

FinPro Capital Advisors, Inc. served as the financial advisor to MountainOne Financial, MHC and Piper Sandler & Co. served as the financial advisor to Mechanics Bancorp, MHC. Luse Gorman, PC served as legal counsel to MountainOne Financial, MHC and Nutter McClennen & Fish LLP served as legal counsel to Mechanics Bancorp, MHC. The transaction is expected to close in the second half of 2025.