A Message from our CEO
Welcome to the Mutual Holding Company (MHC) Resource Center
Recently, Needham Bank’s Board of Directors unanimously voted to reorganize our charter from a mutual cooperative bank to a mutual holding form of organization. This will allow us to engage in strategic transactions such as acquiring or merging with other mutual or stock banks to achieve greater efficiency, expand our reach, and continue to invest in technology, people, products, and services.
While this reorganization will result in certain strategic benefits to the Bank, it will not affect our daily operations. There will be no change in our personnel, branch locations, products, services, or rates. We want to be clear that this is NOT a public stock offering. Following the reorganization, depositors will be represented by a Board of Corporators – all of whom will be depositors of the Bank and involved in the communities we serve. These Corporators will provide local oversight and elect the members of NB Financial MHC’s Board of Directors.
Depositors who are age 18 and over and have had a deposit account opened for 6 months as of July 18, 2019 have the right to vote on the proposed conversion at a Special Meeting of Needham Bank Depositors.
Special Meeting of Needham Bank Depositors
When: July 18, 2019 from 7AM - 5:30PM
Where: The Jack McGeorge Operations Center
214 Garden Street, Needham
At the Special Meeting, depositors will be asked to consider and vote on the reorganization of the Bank to a mutual holding company (MHC) form of organization. The polls will remain open until 5:30 p.m. to allow depositors who cannot attend the start of the meeting to vote during the day. We will have bank representatives available throughout the day to assist with any questions that arise.
This is a significant meeting and the attendance and vote of each of our depositors is very important. To vote, each depositor must be present at the meeting and vote in person. A favorable vote on this matter will help us to continue in our role as your community bank, dedicated to meeting the financial needs of our customers and communities.
- A Letter from Joe Campanelli, President & Chief Executive Officer
- Frequently Asked Questions
- Notice of Special Meeting and Information Statement
- Exhibit A - Amended and Restated Charter of NB Financial MHC
- Exhibit B - Bylaws of NB Financial MHC
- Exhibit C - Articles of Organization on NB Financial Inc.
- Exhibit D - Bylaws of NB Financial Inc.
- Exhibit E - Articles of Organization of Needham Subsidiary Bank
- Exhibit F - Bylaws of Needham Subsidiary Bank
- Exhibit G - Merger Agreement among NB Financial MHC, NB Financial Inc., Needham Bank, and Needham Subsidiary Bank
- Exhibit H - Articles of Organization of Needham Bank, post-Reorganization
- Exhibit I - Proposed Resolutions of the Board of Directors Approving the Plan of Reorganization
- Exhibit J - Proposed Resolutions of the Shareholders Approving the Plan of Reorganization