Reading Cooperative Bank's $1.2 Billion Assets Merger with Wakefield Co-operative Bank
Deal News | Jan 14, 2025 | Goodwin
Reading Cooperative Bank has announced plans to partner with Wakefield Co-operative Bank, resulting in a new entity with approximately $1.2 billion in assets. This strategic move, advised by Goodwin's Financial Services team, aims to create a more resilient bank capable of better serving its communities. The unified bank will operate under the name Reading Cooperative Bank and manage 14 branches across 11 communities in Massachusetts. The partnership underscores Reading Cooperative Bank's community-centric mission, as evidenced by their existing presence in several towns and educational institutions. The legal advisory team from Goodwin was led by Samantha Kirby, with contributions from Bill McCurdy and Eva Xu.
Sectors
- Financial Services
- Legal Advisory
Geography
- United States – The article pertains to the merger between two Massachusetts-based banks, highlighting the regional banking landscape in the United States.
- Massachusetts – Both Reading Cooperative Bank and Wakefield Co-operative Bank operate within Massachusetts, making it the central geography for this partnership.
Industry
- Financial Services – The partnership merges two cooperative banks to enhance their financial robustness and community service, a typical strategy within the financial services sector.
- Legal Advisory – Goodwin's involvement as a legal advisor is crucial in structuring and facilitating the partnership between the two banks, a common practice in M&A deals.
Financials
- $1.2 Billion – The total assets of the combined entity formed by the partnership between Reading Cooperative Bank and Wakefield Co-operative Bank.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Reading Cooperative Bank | Target Company | Company | A depositor-owned co-operative bank based in Massachusetts, focused on community-centric financial services. |
| Wakefield Co-operative Bank | Target Company | Company | A cooperative bank partnering with Reading Cooperative Bank in Massachusetts. |
| Goodwin | Legal Advisor | Company | A legal advisory firm providing guidance for the partnership between Reading Cooperative Bank and Wakefield Co-operative Bank. |
| Samantha Kirby | Lead Advisor | Person | Led the Goodwin team advising on the bank partnership. |
| Bill McCurdy | Advisory Team Member | Person | Part of the Goodwin advisory team for the bank partnership. |
| Eva Xu | Advisory Team Member | Person | Contributed to the advisory team from Goodwin on the bank partnership. |