Reading Co-op, Wakefield Cooperative Announce Merger

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Reading Cooperative Bank and Wakefield Cooperative Bank say they will be entering into “a partnership” that will leave Reading Cooperative as the surviving brand.

The newly formed organization will retain the name Reading Cooperative Bank and will be led by Reading Cooperative Bank’s current president and CEO, Julieann M. Thurlow. Wakefield Cooperative Bank President and CEO Jeffrey A. Worth will become president of the combined entity.

“This partnership combines two financially sound organizations that have long been dedicated to their customers and the communities they serve,” Thurlow and Worth said in a joint statement. “Together, we will create a bank with greater size and scale, allowing us to provide even more relevant and innovative services for the future.”

The combined institution will have about $1.2 billion in assets and 14 full-service locations across 11 communities, up by 3 branches from Reading’s total.

“We want to assure customers that no branches will be closed as part of this transaction,” Thurlow said in a statement. “This partnership provides convenience and access connecting our original Reading branches in Middlesex County to our newer locations in Lynn and Nahant.”

The tie-up has been approved by the boards of directors of both banks. Completion of the deal is pending approval by both banks’ depositors, the Massachusetts Division of Banks and the Federal Reserve.

Both organizations will continue to operate as mutual cooperative banks and the partnership is expected to be finalized in the second quarter of this year.

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