Why did you choose the name MutualOne Bank?
A mutual bank is a conservative, non-stock financial institution that operates for the benefit of its depositors and the community, not for stockholders.
The merger of two community-based mutual institutions into one financial entity designed to serve a combined and expanded marketplace called for a new, descriptive name reflecting its focus rather than its geography.
Framingham Co-operative Bank and Natick Federal Savings Bank are now MutualOne Bank, operating under a mutual Massachusetts co-operative bank charter.
Why would two solid community banks join forces?
Combining the inherent strengths of two popular independent community banks, each with the desire to grow, made good financial sense. The result is an even stronger institution better equipped to embrace today’s technology and enhance product offerings while upholding a longstanding commitment to local residents and businesses.
How big is the “new” MutualOne Bank?
MutualOne Bank has three full-service banking offices in two thriving MetroWest communities, Framingham and Natick, and also a loan center and administration office in Framingham.
Has the leadership team changed?
The top management team at MutualOne Bank is headed by Mark R. Haranas, former president and chief executive officer of Framingham Co-operative Bank. Brian K. Peoples, former president and chief executive officer of Natick Federal Savings Bank, is now a consultant to MutualOne Bank and also serves on the Bank’s board of directors. All other employees of the two original institutions remain in place.
Will the practice of “giving back to the community” continue?
Through its MutualOne Charitable Foundation and other avenues of support, the Bank will continue a long, combined history of commitment to improving and enhancing the quality of life in Framingham, Natick, and surrounding communities. Last year alone, the Foundation provided over $235,000 to local charitable, educational, and civic initiatives. MutualOne Bank will continue to be a good neighbor!
Are my deposits insured at MutualOne Bank?
Yes. Your deposits are fully insured by the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund (SIF) of The Co-operative Central Bank.. Each depositor is insured by the FDIC to at least $250,000. All deposits over this amount are insured by the SIF. There are no maximum account or amount limitations.
