MountainOne Financial, Mechanics Bancorp Receive Aprovals To Merge

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NORTH ADAMS, Mass. — MountainOne Financial, MHC, the mutual holding company parent of MountainOne Bank, and Mechanics Bancorp, MHC, the mutual holding company parent of Mechanics Cooperative Bank, announced that all regulatory approvals required to complete the merger of the two mutual holding companies have been received.
 
The merger transaction is scheduled to take place on Jan. 1, 2026, at which time the newly combined mutual holding company will operate under the name MountainOne Financial, MHC, and will have approximately $1.9 billion in assets.
 
MountainOne Bank and Mechanics Cooperative Bank will continue to operate as two separate, independently chartered community banks, and will each retain their existing names, headquarters locations, leadership teams, and boards of directors. Furthermore, customers will not experience any disruption, nor do they need to take any action.
 
Bringing together two organizations allows the newly combined mutual holding company to take their time in evaluating opportunities to collaborate where doing so strengthens service, enhances operational efficiency, or supports long-term sustainability.
 
Upon completion of the merger, Robert J. Fraser will serve as Chairman and Joseph T. Baptista Jr. as President and Chief Executive Officer of the combined Mutual Holding Company, MountainOne Financial, MHC. Fraser will continue in his role as President and Chief Executive Officer of MountainOne Bank and Baptista will also remain as President and Chief Executive Officer of Mechanics Cooperative Bank. There are no staff reductions associated with the merger.
 
"This merger is a strong step for both organizations," said Robert J. Fraser. "It reflects shared priorities and a clear focus on bringing long-term value to our customers and community. We are proud of the work that brought us here and confident in the direction ahead. Our customers, employees, and communities remain at the center of our decisions."
 
"We are excited to move forward together," said Joseph T. Baptista Jr. "This merger positions us to grow, invest, and serve with even greater impact. Our teams are energized by our shared vision, and we are looking forward to the opportunities it creates for our customers and communities. MountainOne Financial, MHC will carry on each legacy organizations’ commitment to mutuality, which places its customers and communities at the center of organizational decision-making. MountainOne Bank and Mechanics Cooperative Bank each have deep roots in their respective communities and have prioritized an ongoing commitment to remain local, accessible, and engaged."
 
FinPro Capital Advisors, Inc. served as the financial advisor to MountainOne Financial, MHC and Piper Sandler & Co. served as the financial advisor to Mechanics Bancorp, MHC. Luse Gorman, PC served as legal counsel to MountainOne Financial, MHC and Nutter McClennen & Fish LLP served as legal counsel to Mechanics Bancorp, MHC.

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Letter: Building a More Sustainable North Adams

Letter to the Editor

To the Editor:

Last week, the North Adams City Council voted unanimously to expand the scope of our existing Tree Commission and create a new Sustainability & Tree Commission. I think this is an important move towards building a more sustainable city, for our future and the future of our children.

This wasn't the work of any one person. A lot of people put time and thought into getting us here. I want to thank my fellow councilors, who worked together to make the commission stronger; Mayor Macksey and her administration, who supported this change from the beginning; Tree Commission Chair Stephen Betti, who gave the proposal his blessing and spoke up in support of it; the members of the Inclusion, Diversity, Equity, and Access Commission, whose review helped make the language more inclusive; and the members of Green NA, who provided encouragement, guidance, and advocacy throughout this process.

The new commission will continue the important work of caring for and planting North Adams' trees while taking on a much broader role in thinking about our city's environmental future. It will advise the City on issues including energy efficiency, renewable energy, climate resilience, natural resource conservation, recycling and waste reduction, water management, biodiversity, sustainable development, and more. And importantly, the commission will have a role in public education, community engagement, pursuing grants and partnerships, and working with other boards, departments, and regional organizations.

The next step is to build the commission.

Assuming all three members of our current Tree Commission stay on, and I certainly hope they do, we will need four new members appointed by the mayor. The ordinance encourages the appointment of at least one young person under the age of 25, because we all believe young people should have a seat at the table when we talk about the future of their community.

If you are interested in helping build a more sustainable North Adams, I encourage you to consider applying by filling out the city's Boards & Commissions application and selecting "Tree Commission" here: 

Whether you join this commission or simply find another way to get involved, I hope you will participate. North Adams needs people who care enough to roll up their sleeves and help build the future, one tree planting at a time.

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