1. Why are Southbridge Savings Bank and SpencerBANK merging?
Southbridge Savings Bank and SpencerBANK are two extremely strong, reputable, profitable companies with similar values, cultures and business approaches. Combining our banks will allow us to achieve economies of scale that will ultimately serve all of our customers. Both banks will enjoy a much broader market area and will be better positioned to remain competitive for continued growth and success.
2. Who is SpencerBANK and what is their history?
SpencerBANK is a 146-year old financial institution headquartered in Spencer, MA. Like Southbridge Savings Bank, SpencerBANK shares our values and our employee- and customer-centric approach and has a longtime history of serving the needs of individuals, businesses and the greater community.
3. What will the new bank be called?
Our new name will be Cornerstone Bank. The name reflects the importance we have always placed on strong relationships as the foundation for enriching our communities and our customers’ lives.
4. How will this merger benefit Southbridge Savings Bank and SpencerBANK customers?
Customers will benefit from the combined bank in many different ways. This strategic partnership will expand resources to our customers and will allow the bank to continue to create superior, lasting banking relationships with the primary purpose of making customers more successful. This merger will also expand bank deposit and lending capabilities, allowing us to be more competitive in our market.
5. How will the combined bank affect our ability to serve the small business community?
We will be able to better serve small and larger businesses alike. With combined assets of over $1 billion, we will be able to keep up with the increased financing needs of our community.
6. Will Cornerstone Bank continue to be a community bank?
Absolutely! We will remain active in our community as we are very passionate about the communities we serve.
7. Is there anything that I should be doing differently?
No. You should continue to conduct “business as usual,” unless it pertains to incoming wires; please see FAQ #8.
You will receive a letter with important information that will be mailed to you in May, 2017. Please read it and keep it handy for the conversion the weekend of June 10 and June 11, 2017.
8. How will wires be impacted when the bank becomes Cornerstone Bank?
Outgoing wires will not be impacted. However, if you are expecting an incoming wire as of June 12, 2017, or thereafter, please provide the sender with our updated name of Cornerstone Bank; the ABA/Routing number of 211371735 will remain the same.
9. Is there new contact information for Cornerstone Bank?
Yes. If you wish to contact us after June 12, 2017, please refer to the new contact information below:
Facebook Page: facebook.com/cornerstonebankma
Customer Service: 1-800-939-9103
Telephone Banking: 1-877-350-2265
Main Address: Cornerstone Bank, 230 Park Avenue, Worcester, MA 01609-1918
Mailing Address: Cornerstone Bank, PO Box 370, Southbridge, MA 01550-0370
10. When does Southbridge Savings Bank and SpencerBANK become Cornerstone Bank?
Southbridge Savings Bank and SpencerBANK are scheduled to merge on June 12, 2017.
In preparation for the conversion, all offices of both Southbridge Savings Bank and SpencerBANK will be closed on June 10 and June 11, 2017. When Cornerstone Bank opens for business on the morning of June 12, 2017, you will be able to conduct transactions at any of our combined 15 branch offices and 19 ATM locations.
Charlton – 2 Center Depot Road, Route 20
Holden – 1073 Main Street
Leicester – 121 South Main Street
North Oxford – 64 Leicester Road, Route 20
Rutland – 93 Main Street
Southbridge – 253-257 Main Street
Southbridge – Big Y Supermarket, 495 East Main Street
Spencer – 130 West Main Street
Spencer – 176 Main Street
Spencer – 72 West Main Street, Route 9W
Sturbridge – 200 Charlton Road, Route 20
Warren – 968 Main Street
Webster – 86 Worcester Road, Route 12
Worcester – 70 West Boylston Street
Worcester – 230 Park Avenue
11. Will the hours of the branches change?
No. All branches will continue to be open with the same convenient hours and the same friendly staff.
12. Can I continue to use my Checks, ATM Card and Debit MasterCard?
Yes. You can continue to use your same Checks, ATM Card and Debit MasterCard. Your new Cornerstone Bank debit card is slated to go out by fourth quarter of 2017. You will have access to all 15 Branch locations and 19 ATMs for your banking needs as of 6/12/17.
13. Will any of my accounts be changing?
All account numbers will remain the same. There were minimal account changes; we will send you a letter separately if any of your accounts are changing.
14. Will my direct deposit and other automatic deposits and withdrawals transfer to Cornerstone Bank?
Yes. Transactions will process as they do today. You will not need to update information with any of your automatic withdrawals or deposits.
15. Will my deposit statement change?
No. Your statement date will remain as it is today once the merge is complete.
16. Will my loan payment, terms, or statements change?
No. Loan payments and transactions will process as they do today. Loan terms will remain the same. Loan statements will be sent as they are today.
After June 12, 2017, please make your loan payment checks payable to “Cornerstone Bank” and send loan payments and transaction requests to: Cornerstone Bank, PO Box 370, Southbridge, MA 01550-0370.
17. Will I have access to Telephone, Online Banking and Bill Pay services?
Please see the below information:
- On Friday, June 9, 2017, our Bill Pay service will be unavailable starting at 2:00pm and our Online Banking and Telephone Banking service will be unavailable starting at 5:00pm.
- On Sunday, June 11, 2017, our new Telephone Banking service should be available by Noon.
- On Sunday, June 11, 2017, our Online Banking platform will become available by 9:00pm. However, the Bill Pay function will not be available until Monday, June 12, 2017; we expect the Bill Pay function to be available by 9:00pm on Monday. You will be able to access the combined Online Banking platform through https://secure.myvirtualbranch.com/cornerstonebank/SignIn.aspx.
- On Monday, June 12, 2017, you will experience the new look and feel of the Cornerstone Bank Online Banking and Bill Pay service. Your user name and password will remain the same.
- On Monday, June 12, 2017, we will have a new Cornerstone Bank Mobile Banking App; please update your current app.
If you are enrolled in Quicken or Quickbooks, please see the Necessary Steps to modify settings for a smooth conversion.
18. Who will my year-end tax information come from?
Your year-end Tax documents will include activity for the full year and will come from Cornerstone Bank.
19. Who can I speak with if I have any other questions regarding my accounts?
You can speak to any of our customer service representatives at any of our local branch offices during banking hours or call our Customer Information Center at 800-939-9103 to help answer any questions you may have.