Co-operative Banks Agree to Merge
Northampton Cooperative Bank and Greenfield Cooperative Bank have agreed to form a single entity. A consolidation plan has been approved by the boards of directors of both banks. Both are state-chartered co-operative banks that, when merged, will operate under the name Greenfield Cooperative Bank. The deal is expected to be completed in 2015. According to a press release, the combined banks will have more than $500 million in assets, more than $600 million in capital, and 95 employees.