Two Massachusetts mutual thrifts have announced that they plan to merge.
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The $160 million-asset Martha's Vineyard Co-operative Bank in Vineyard Haven and the $300 million-asset Dukes County Savings Bank in Edgartown said their combination would create a stronger local bank that could better compete. The deal was announced Thursday and is expected to close by the end of the year.
Because both are mutually owned, no money would change hands. The post-merger bank would be called Martha's Vineyard Savings Bank and have nine branches
