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The bank was established in 1885 as Lowell Co-operative Bank. [3] In January 2009, the bank was recapitalized though a supervisory stock conversion, converting from a mutual co-operative bank to a stock co-operative bank. [4] [5] In December 2010, the bank acquired the assets of Omega Mortgage Corporation. [4] [6]
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The bank was founded in 1820. [1] In August 2014, the company acquired Rockport National Bank, which had 4 branches, for $28.3 million in cash. [2] [3] As of December 31, 2019, it had $3.7 billion in deposits. [4]
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The Savings Bank (formerly Wakefield Savings Bank) is a state-chartered mutual bank, headquartered in Wakefield, Massachusetts and founded in 1869. It is one of the oldest banks in the United States . [ 2 ]
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Berkshire Bank is an American bank headquartered in Boston, Massachusetts. It is a subsidiary of Berkshire Hills Bancorp, a bank holding company . The bank operates 83 branches in New England , and New York, and is the third largest regional bank headquartered in Massachusetts .
The Massachusetts Depositors Insurance Fund is a deposit insurance scheme that protects depositors at Massachusetts savings banks.It was created in 1934 [1] by the state government of Massachusetts in response to the large number of Massachusetts bank failures during the Great Depression of the 1930s.