Needham Cooperative Bank to Join Forces with Dedham Co-operative Bank

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The Needham Cooperative Bank and The Dedham Co-operative Bank announced today their application to regulatory agencies to merge their historical institutions under the new name Needham Bank. This announcement brings together two of the area's oldest banks and marks a new era in community banking for them.

"This is a unique opportunity to unite two community landmarks," said Jack McGeorge, President of The Needham Cooperative Bank. "For generations we have shared similar banking philosophies and a strong commitment to serving our customers. We look forward to continuing our tradition of personal service while competing more effectively for our customers in a changing market."

Upon completion of the union, Needham Bank will have over $650 million in assets and a surplus of nearly $170 million. It will offer increased convenience for all of its customers with a total of 5 branches.

"We are excited about the opportunities this new institution presents for our customers and the community as a whole," said Mark R. Whalen, The Dedham Co-operative Bank President. "The merger rewards our customers, maintaining the hometown feel they are accustomed to with the same friendly faces, while offering access to ATMs, weekend hours, a greater array of products and more competitive rates."

Both institutions are known for their commitment to outstanding customer service, and under the new name that mission will remain the same.

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ROBERT ADAMS
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