Customer Letter from Dennis Parente
Dear Foxboro Federal Savings Customer,
I am writing today with important and exciting news: Foxboro Federal Savings is planning to merge with Norwood Bank.
It’s a merger of two strong community banks with very similar histories, visions, and cultures. The goal is to create one larger, stronger community bank – with an expanded branch footprint, improved technology, and more resources to serve you better.
I believe this merger will bring important benefits to our customers, employees, and community.
- Beyond your current FDIC protection, you will gain additional deposit insurance through Massachusetts Deposit Insurance Fund (DIF), which covers amounts above $250,000.
- You will gain a new full-service branch in Norwood – in addition to our branches in Foxboro, Norfolk and Plainville – and a more robust platform for online & mobile banking.
- You will gain access to a full line of commercial banking products and services, which we do not currently offer.
- We will have additional resources to increase our charitable contributions and do even more for our community through an established charitable foundation.
Rest assured, there will be no changes to your current banking relationship with us. Our people will remain in their same roles. We will continue to offer the same products and services, in the same locations.
One very important point: Our board of directors has approved this merger; our customers will need to do the same. Soon, you will receive more information on this process, along with your proxy ballot. I encourage you to consider the benefits of this merger and check “FOR” in the proxy vote.
After the merger is complete, the new bank will have a new name. But our community mission and customer commitment will remain just as strong. We are excited to begin this new chapter with you. Thank you for your continued patronage of Foxboro Federal Savings.
Foxboro Federal Savings