READING — Reading Cooperative Bank and Wakefield Co-operative Bank yesterday announced their plans 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 Cooperative Bank President and CEO, Jeffrey A. Worth, will join as the President of the combined entity.
Reading Cooperative Bank, based on Haven Street in Reading, and Wakefield Cooperative 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 and 14 full-service locations across 11 distinct communities.
Importantly bank customers will continue to receive banking services from the employees that they know and trust.
Julie Thurlow stated, “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.”
Wakefield Co-operative Bank was founded in 1887. Its new partner was established a year earlier, “with a mission to make it possible for the average ‘workingman’ to purchase a home,” according to its website.
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.
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.
