The Needham Cooperative Bank and Dedham Co-operative Bank Receive Approval for Merger

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The Needham Cooperative Bank and Dedham Co-operative Bank today received regulatory approval of their application to merge the two historical institutions under the new name Needham Bank. The merger is expected to take place on April 2, 2007.

The Needham Cooperative Bank and Dedham Co-operative Bank today received regulatory approval of their application to merge the two historical institutions under the new name Needham Bank. The merger is expected to take place on April 2, 2007.

"We are excited about the combination of the two banks," said Jack McGeorge, president of The Needham Cooperative Bank, "and it is my pleasure to welcome Dedham customers to the Needham Bank family. We look forward to serving them for many years to come."

Upon completion of the merger, Needham Bank will have four branches in Dedham, Medfield, Westwood and Wellesley, in addition to its main office in Needham. The bank will have over $650 million in assets.

McGeorge, who will continue to serve as president upon completion of the merger, feels that ultimately the customers will benefit most from the union. "Needham Bank will offer the financial stability that a larger bank provides, as well as the personal service they have come to know and expect from a community bank."

The bank plans to retain all of its current employees and will add additional staff to support its increased presence in the community. "This is a perfect partnership," commented Mark Whalen, president of Dedham Co-operative Bank. "We will become more competitive while maintaining our heritage as mutual banks and our commitment to the community. It's a win-win situation." Whalen will serve as senior vice president of Needham Bank.

Both institutions have always possessed a strong spirit of personal attention to customers and service to the community, and it will be Needham Bank's top priority to ensure that this continues.

ABOUT THE NEEDHAM COOPERATIVE BANK

Since 1892, The Needham Cooperative Bank has served the greater Boston area as the leader in personal banking and real estate loans. The bank offers a range of products and services to suit financial requirements of consumers and businesses, including a full line of deposit, loan and a selection of electronic banking services. The Needham Cooperative Bank has four locations, with its main office in Needham, MA, and branch offices in Medfield, Westwood and Wellesley.

ABOUT THE DEDHAM CO-OPERATIVE BANK

The Dedham Co-operative Bank has been serving Dedham and its surrounding communities since 1886, striving to give its neighbors and customers a safe, reliable and convenient place to bank. The institution provides a wide variety of lending and deposit products for personal banking as well as for business banking customers. Offering competitive rates and fast turn-around on all loan applications, The Dedham Co-operative Bank is committed to the financial success of its customers.

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ROBERT ADAMS

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