Framingham Co-Operative, Natick Federal Savings to Become MutualOne Bank Monday
Online banking and online bill payment will be temporarily unavailable starting today, Sept. 21 at 3 p.m. until Monday morning. Bank branches will be closed on Saturday.
The merger will take place this weekend, after regulators approved it. The new bank will be called MutualOne Bank. Signs have been appearing on the three locations this week.
The combined bank will consist of three full-service banking offices, two located in Framingham and one in Natick, with an administration center in Framingham.
"Increasing regulatory and operational expenses make it very difficult for the small community bank to thrive," said Brian K. Peoples, president and chief executive officer of Natick Federal Savings Bank back in March. "The consolidation will maintain our strength as a well-capitalized mutual institution with the size necessary to compete in today's banking environment."
"Retaining a mutual charter was very important to the managements of both banks," said Mark R. Haranas, president and chief executive officer of Framingham Co-operative Bank. "The banks serve contiguous markets and share major supporting vendors. This will allow the new bank to increase services to both markets, while reducing expenses in many key non-employee areas."
Framingham Co-operative Bank, a state-chartered mutual co-operative bank founded in 1889, had $398 million in assets as of Dec. 31.
Natick Federal Savings Bank, a federally chartered mutual savings bank formed in 1886, had $156 million in assets as of Dec. 31, 2011.
So a a customer what do you need to know. The following is a Q&A Framingham Co-Operative Bank put out to its customers:
Our banking offices will be closed on Saturday
In order to combine the processing systems of Framingham Co-operative Bank and Natick Federal Savings Bank, we will be closed on Saturday, Sept. 22. All of our offices will re-open at the regular times on Monday, Sept. 24 as MutualOne Bank. At that time, you may use any of our three offices to transact your business.
Online Banking and Online Bill Payment will be temporarily unavailable starting today, Sept. 21 at 3 p.m.
Access to Online Banking and Bill Payment will not be available from 3:00 PM on Friday, September 21 until Monday, Sept. 24 at 10 a.m. Beginning on Monday, Online Banking customers will be able to access their accounts through the MutualOne Bank website – www.MutualOne.com. The Online Banking log-in box will be in the upper left corner of the screen.
New MutualOne Bank Website
Our new website, www.MutualOne.com, will be available beginning Monday, Sept. 24 at 10 a.m.. If you try to visit our old website, www.FraminghamBank.com, after that date, you will be directed to the new site.
Automated Telephone Banking will be temporarily unavailable
Our automated telephone system will temporarily shut down at 5 p.m. today, Sept. 21 You will be able to access your accounts through the telephone banking system again on Monday, Sept. 24 at 8 a.m . Call toll-free 888.415.9901 using your current Personal Identification Number (PIN).
Account numbers will not change
There will be no changes to your current account numbers.
You can continue to use your current checks
You can continue to use your Framingham Co-operative Bank checks following the merger. When you re-order checks, we will provide you with new MutualOne Bank checks.
You can continue to use Framingham Co-operative Bank Debit and ATM cards
You will receive a MutualOne Bank card in October, which will replace your current card(s).
Passbooks are still valid
We will continue to welcome your current Framingham Co-operative Bank passbook. When you come to any of our branches, we will provide you with a new MutualOne Bank passbook and return your cancelled Framingham Co-operative Bank passbook for your records.
Automatic deposits and payments will continue
Your automatic deposits and payments will continue without interruption.
ATM surcharge-free locations are expanding
We now have nearly 70,000 locations nationwide that you can use to avoid ATM surcharges. In addition to SUM® program and Allpoint® Network ATM locations, you now have access to MoneyPass® surcharge-free ATMs. Remember we don’t charge our customers ATM fees, either.
Interest posting and transfers remain unchanged
All accounts set-up with automatic transfer of interest to other accounts will continue without interruption.
Statement dates are the last business day of each month
You will continue to receive your statements, with interest postings, after the last business day of the month.
Safe deposit boxes
Safe deposit boxes are now available at our 49 Main Street location in Natick.
Loan payments will not change
There will be no changes to your loan or loan payments. Payments should now be mailed to:
PO Box 9006
Framingham, MA 01701
Your deposits are insured in full
All of your deposits will continue to be fully insured by the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund (SIF).