Reading, Wakefield Banks Plan Merger

READING, MA — Reading Cooperative Bank and Wakefield Cooperative Bank are planning a merger, according to a statement from the financial institutions.

The new organization will retain the name Reading Cooperative Bank. The partnership is "aimed at creating a stronger, more resilient financial institution dedicated to serving their customers and communities," according to the statement.

Reading Cooperative Bank President and CEO Julieann M. Thurlow will lead the organization. Wakefield Cooperative Bank President and CEO Jeffrey A. Worth will join as president of the combined entity.

The two banks, headquartered in their respective towns, "both share a rich history of community service and a commitment to the mutual banking model," the statement reads.

The combined institution will have approximately $1.2 billion in assets and 14 full-service locations across 11 communities.

The partnership has been approved by the boards of directors of both banks and is pending approval by bank depositors, the Massachusetts Division of Banks, and the Federal Reserve Bank.

The partnership is expected to be finalized by late second quarter this year.