Why are Middlesex Savings Bank and Strata Bank merging?
In addition to outstanding financial strength, the merger of Strata Bank and Middlesex Savings Bank will provide important added convenience. Our customers will continue to enjoy the banking conveniences they have now. Additionally, Strata customers will have access to many more branches and ATMs, enhanced commercial banking and even more competitive products and services. It also gives Middlesex customers access to banking services in several new communities through the Strata Bank network of branches and ATMs.
When will the two banks be integrated?
The banks will be integrated operationally on August 17, 2009.
How are Middlesex Savings Bank and Strata Bank alike?
Established over 170 years ago, Middlesex Savings Bank is an independent, mutual community bank with 25 offices ranging from Millis to Westford. Like Strata Bank, Middlesex Savings Bank is dedicated to outstanding customer service and service to the community. Middlesex Savings Bank is financially strong, and like Strata, offers 100% deposit insurance coverage through FDIC and DIF.
How is Middlesex Savings Bank different from Strata Bank?
Both banks share a long history of service to the community and a personal approach to banking. Middlesex serves a larger territory, covering most of the area to the immediate west of Boston and has more extensive business banking relationships. Also, Middlesex is mutually owned, while Strata has been a partially public/ partially mutually-owned company.
What will happen to Strata Bank branches?
Because both Middlesex Savings Bank and Strata Bank have branches in close proximity to one another in the towns of Hopkinton and Medfield, the Strata Bank branch in each town will be consolidated into the nearby Middlesex office. We expect this to occur in the early summer of 2009 and will provide more details as we near that date.
What will happen to the Strata Bank branch employees?
Middlesex Savings Bank has committed to retaining all of the employees of the Strata Bank branches after merger.
Will the merger affect the office hours of the Strata Bank branch I currently use?
There are some differences between the opening and closing times of Middlesex Savings Bank and Strata Bank branches. We will review the differences and decide on future operating hours prior to the conversion of Strata branches to Middlesex Savings Bank.
Will Middlesex Savings Bank continue to support local Strata Bank community organizations?
Middlesex Savings Bank has a long tradition of extensive support for community and non-profit organizations. Middlesex intends to expand that effort into all Strata Bank communities.
Where should a Strata Bank customer bank for now?
Strata Bank and Middlesex Savings Bank customers should continue to bank as usual at their regular branch locations.
Should I close my Strata Bank account and move it?
No, there is no need to close your account or to make any changes at this time. When the account conversion occurs the weekend of August 14th, 2009, we will make any account changes for you and will make the process as smooth as possible. You will be notified well in advance of any changes.
Will my Strata Bank account number change? Will I need new checks or debit cards?
At this time, we do not anticipate any change to your existing Strata Bank account number. If necessary, we will communicate with you well in advance of any changes to your accounts. For now continue to use your current checks, ATM cards, debit cards and online access.
If I am a Strata Bank customer, will my account fees or minimum balance requirements change as a result of this transaction?
There are slight differences between Strata Bank accounts and Middlesex Savings Bank accounts. We will automatically place Strata Bank customers into the Middlesex Savings Bank account that most closely matches the services and features of their current account. You will be notified of any changes to your account relationship in advance.
I have a Strata Bank CD that does not mature for 2 years, what will happen to it?
Your CD will be honored with the same rate and term until it matures, regardless of whether it is before or after the merger.
What if I have deposits at both banks? Should I move some for FDIC purposes? How will that work?
Like Strata, Middlesex Savings Bank offers 100% deposit insurance coverage through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).
The combination of FDIC and DIF insurance provided by Middlesex offers customers full deposit insurance on all their deposit accounts. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.
The FDIC also specifies deposit insurance coverage during a bank merger. The deposits from Strata Bank continue to be insured separately for at least six months after the merger. This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary.
CDs from Strata Bank are separately insured until the earliest maturity date after the end of the six-month grace period. CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period. If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.
What will happen to my Strata Bank Internet banking and bill payments?
You should continue to use your Strata Online and/or Business Express Internet banking. You will be notified well in advance of any changes that are required by the account conversion.
If I am a Strata Bank customer will I need to alert my payroll department if I have direct deposit?
No. Since checking account numbers are not changing, you will not have to make any changes to direct deposit instructions.
My mortgage is with Strata Bank now. Will it get sold?
There will be no changes for now. Should any mortgages be sold in the future, you will be notified well in advance.
Will the merger affect my existing Strata Bank loan?
This merger has no impact on existing loan rates, terms and conditions.
Will I continue to make Strata Bank loan payments at the same address?
Strata Bank customers should continue to make loan payments as usual. If there is a change at a later date, you will be informed well in advance.
Will my Strata Bank monthly statements change?
After the system conversion occurs early this summer, Strata Bank customers will begin receiving a statement from Middlesex Savings Bank. There will be few differences in the way your statement appears.
Where do I go for more Strata Bank information?
We’ll be providing regular updates on the status of Strata Banks integration with Middlesex on both the Middlesex Savings Bank and Strata Bank web sites. If you have any questions, you may speak with a Strata bank representative or call Strata Bank at 1-888-578-7282.
