Two Massachusetts mutual thrifts, Norwood Co-operative Bank and Walpole Co-operative Bank, have agreed to merge.
No money would change hands in the transaction.
After the deal closes, the thrift would use a name that has yet to be announced. It would have more than $750 million of assets and two offices, one in Norwood and one in Walpole. All employees would be retained.
"The combination will create a local powerhouse able to make larger loans and offer a wider array of products and services to the communities served by each," Chris Dixon, Norwood's president and chief executive officer, said in a press release Thursday.
Mr. Dixon and Donald Burgess, Walpole's chairman, would retain their titles with the merged institution. Joseph Curran, Norwood's chairman, would become vice chairman, and Ronald Lestan, Walpole's president and chief executive officer, would be a board member.
Norwood has a charitable foundation, and the post-merger institution also would use a foundation to give back to the community. "We are going to use our new size and strength to become a bigger, stronger community asset," Mr. Burgess said in the press release.
Norwood Co-operative Bank was established in 1889, and Walpole Co-operative in 1912. The combined institution is to be headquartered in Norwood. The deal is expected to close in the second quarter.
