WHITMAN AND MIDDLEBORO, MA, ISSUED September 6, 2006… Mutual Bank (formerly Mutual Federal Savings Bank), a leading independent community bank with branches in Whitman, Halifax, Carver and Hanson, today announced plans to open a new location in Middleboro this fall.
Glen S. White, CEO of Mutual Bank, said that the 3,000 square foot location will be at 443 West Grove Street, in Middleboro Square, adjacent to the Stop & Shop. He said that the new location should open in December of this year.
White said that the Middleboro location will strengthen the bank’s presence in Southeastern Massachusetts, and that the Middleboro branch will offer all the services that Mutual Bank provides at other locations. Mutual Bank has branch locations in nearby Carver, as well as in Halifax and Hanson, with the main branch located in Whitman.
In addition to opening the new location, Mutual Bank recently announced plans to merge with Security Federal Savings Bank, a neighboring community bank with two locations in Brockton and one in Falmouth. The Middleboro location will bring the total number of bank branches to eight, doing business under the Mutual Bank name.
"This has been an exciting year for us," White said, adding, "In a time when larger banks are acquiring smaller ones, we have set a different course for ourselves. We remain committed to the principles and philosophy of a community bank, and feel that the additional branches position us ideally to provide even better, more efficient and cost-effective services to the customers we serve."
Mutual Bank employs 40 people and recently promoted five of its key management team to Vice Presidential positions. In its most recent annual report, Mutual Bank reported a double-digit growth rate of 11.4% while maintaining consistent earnings and a capital percentage far exceeding regulatory requirement. Mutual Bank’s assets grew by $13.5 million dollars, achieving an annual growth rate of over 11%. As of December 31, 2005, total assets stood at $128.9 million, the highest year-end total in the bank’s history.
Mutual Bank has recently introduced a competitive new checking product line and promotional program designed to interest local customers in keeping their business at a local bank.
The announcement comes on the heels of a name change for Mutual Bank, which had operated as Mutual Federal Savings Bank since its inception more than 100 years ago. White describes the new name as "more reflective of what we do."
About Mutual Bank
Mutual Bank, formerly Mutual Federal Savings Bank, is an independent, mutually-owned bank serving the community’s personal and small business banking needs, with full-service offices in Whitman, Hanson, Halifax, and Carver. The Bank has operated continuously as an independent, local institution since 1889. The main office of Mutual Bank is located at 570 Washington Street in Whitman, MA. For additional information on the services they provide visit www.MyMutualBank.com or call Christine Grundy, Vice President/Director of Marketing, at 781-447-4488.
