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Last year, Marlborough Savings Bank and North Middlesex Savings Bank announced they would merge. This week, they got a fresh look and rebranded.
Both banks held an employee brand launch party on Tuesday to announce their new name, Main Street Bank, and logo. Andrew Witherbee, vice president of marketing and retail banking at North Middlesex Savings, said the banks made the decision to rebrand when they first announced their merger last summer. They wanted a name that wasn’t tied to one geographic location, but also reflected their community banking values.
It was a challenge keeping it under wraps, Witherbee told Banker & Tradesman. They put together a small internal team, made up of the presidents of both banks and four marketing reps, and they enlisted Small Army, a Boston-based branding agency, to lead the effort.
Witherbee said, “At the end of the day, we came up with a name that was really about the essence and values of both organizations, really sticking to who we are, what we do really well and how we do it, and keeping one message consistent and clear.”
Richard K. Bennett, president and CEO of Marlborough Savings, will become CEO of the combined bank and its holding companies, and Walter J. Dwyer IV, president and CEO of North Middlesex Savings, will become its president. The boards of directors of the combined bank and its holding companies will consist of eight directors from Marlborough Savings Bank and seven directors from North Middlesex Savings Bank.
The merger is anticipated to close on April 3 and the combined entity will have nearly $1 billion in assets and 14 branches. The banks have also said they plan to retain all employees of both banks.
