WHITMAN AND E. BRIDGEWATER, MA, ISSUED JULY 11, 2007…Mutual Bank, a leading regional community bank with locations in Southeastern Massachusetts and on Cape Cod, today announced plans to enter the free-standing ATM (Automated Teller Machine) market with its first location in East Bridgewater.
The ATM was delivered to the site, at the corner of Routes 14 and 27 in East Bridgewater, on July 10 and should be fully operational for an anticipated August opening.
The free-standing kiosk will offer 24/7 service. Glen S. White, CEO of Mutual Bank, said that the free-standing ATM is a concept that Mutual Bank has been considering for some time and that other locations are presently under consideration.
“As a community bank, our mission is to serve the communities in the best way possible,” he said. “There are many occasions when it is convenient to have access to cash, particularly after hours or if a person is not within easy distance of a bank branch,” he noted, adding, “The traffic count in that area is high; we believe there is a strong need and it is an excellent opportunity for us to expand the Mutual Bank brand further in our marketplace.”
Mutual Bank has been in an expansion mode for the last several years. Following the renovations to its flagship location in Whitman, the bank this last year merged with Security Federal Savings Bank, thereby increasing its number of branches from four to seven and adding Brockton and Falmouth to its market. In June the bank opened a branch location in Middleboro. The East Bridgewater ATM will be the ninth separate location where Mutual Bank will serve the public.
Mutual Bank has eight branches and total assets of approximately $260 million.
The ATM has been in existence for 40 years, with June 27, 1967 generally viewed as its emergence into the marketplace. The first electronic ATM was installed in Enfield Town in North London by Barclays Bank. The first person to use the machine was a British actor, Reg Varney, from the show “On The Buses.” The first ATMs accepted only a single-use token or voucher, which was retained by the machine. These worked on various principles including radiation and low-coercivity magnetism that was wiped by the card reader to make fraud more difficult. The concept of a PIN stored on a card was developed by British engineer John Rose in 1965. Approximately 1.5 million ATMs are in use worldwide today.
About Mutual Bank
Mutual Bank is an independent, mutually-owned bank serving the community’s personal and small business banking needs, with full-service offices in Whitman, Brockton, Carver, Falmouth, Halifax, and Hanson, and Middleboro. The Bank has operated continuously as an independent, local institution for more than a century. The main office is located at 570 Washington Street in Whitman, Massachusetts. For more information, visit www.MyMutualBank.com, or call Christine Grundy, Vice President/Director of Marketing, at 781-447-4488.
