READING — Reading Cooperative Bank and Wakefield Co-operative Bank announced their plans January 2 to enter into a partnership aimed at creating a stronger, more resilient financial institution dedicated to serving their customers and communities.

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 Co-operative Bank President and CEO, Jeffrey A. Worth, will join as the President of the combined entity.

Reading Cooperative Bank, based at 180 Haven St. in Reading, and Wakefield Co-operative Bank, headquartered in downtown Wakefield, both share a rich history of community service and a commitment to the mutual banking model. This partnership will enhance their ability to meet the evolving needs of their customers while preserving their cooperative values.

In a joint statement, Thurlow and Worth emphasized: “This partnership combines two financially sound organizations that have long been dedicated to their customers and the communities they serve. 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 approximately $1.2 billion in assets with full-service locations across 10 distinct communities.

Importantly, bank customers will continue to receive banking services from the employees that they know and trust.

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

Among Reading Coop’s full service branches is its location at 170 Park St. in North Reading.

Partnership pending approvals

Reading Cooperative Bank was founded in 1886 “with a mission to make it possible for the average ‘workingman’ to purchase a home,” according to its website. Wakefield Co-operative Bank was established a year later, in 1887.

The partnership has been approved by the Boards of Directors of both banks and is pending approval by bank depositors, the Massachusetts Division of Banks, and the Federal Reserve Bank. Both organizations will continue to operate as mutual cooperative banks, upholding their commitment to mutuality at the core of their mission.

The partnership is expected to be finalized by late in the second quarter of 2025. Further details will be communicated to customers and the community throughout the process.

Reading Coop branches

Currently, Reading Cooperative operates the following branches which includes two school-based branches:

• 170 Park St., North Reading

• 180 Haven St., Reading

• 55 Walkers Brook Dr., Reading

• 230 Lowell St., Wilmington

• 352 Middlesex Ave., Wilmington

• 20 Central St., Andover

• 215 Canal St., Lawrence

• 10 Wall St., Burlington

• 400 Broadway, Lynn

• 28 Nahant Rd., Nahant

• Northeast Metro Tech, 100 Hemlock Rd., Wakefield

• Reading Memorial High School, 62 Oakland Rd., Reading

Wakefield Co-op branches

Wakefield Co-operative bank is comprised of the following branch locations:

• 342 Main St., Wakefield

• 596 Main St., Lynnfield

• 526 Main St., Melrose.

On its website, Reading Cooperative Bank officials also announced that because of the partnership, Reading Coop “will soon welcome new branches in Wakefield, Lynnfield and Melrose,” where Wakefield Co-op has a presence.