Cape Cod Five Cents Savings Bank in Orleans, Mass., has agreed to buy a branch in Falmouth, Mass., from Mutual Bank.
The $2.9 billion-asset Cape Cod and the $444 million-asset Mutual Bank did not disclose the price of the deal. As part of the deal, Cape Cod will acquire $26 million in deposits associated with the branch.
Mutual Bank has owned the branch, at 668 Main Street in Falmouth, since November 2006, when it acquired Security Federal Savings Bank in Brockton, Mass. Although the two buildings that Cape Cod will acquire were built in 2003, a bank branch has been at the 668 Main Street location since 1877, according to the Federal Deposit Insurance Corp.
Cape Cod plans to close its existing branch in Falmouth, also on Main Street, and move its operations into the Mutual Bank branch. Mutual Bank, of Whitman, Mass., will exit Barnstable County with the sale.