Innovative Mutual Institutions

The survival of an organization is the result of adapting to its changing environment, while continuing to provide value. For mutual institution management and boards of directors, there are a number of pressures in today's financial services world that are the same as or similar to those experienced by stock banks or other private banks. Following are brief descriptions of some of the innovative transactions that mutual institutions have undertaken in recent years. Hoosac Bank and Williamstown Savings Bank combined in May 2002 to form MountainOne Financial Partners, a mutual holding company based in North Adams, MA. What makes MountainOne different is the partnership of affiliated companies, which offers insurance, employee benefits services, and investment services to customers. Over the past five years, North Shore Bank has made two acquisitions. Each transaction has helped the bank expand into an area that helps it provide better or more services.