1. Why are SpencerBANK and Southbridge Savings Bank merging?
SpencerBANK and Southbridge Savings Bank 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 Southbridge Savings Bank and what is their history?
Southbridge Savings Bank is a 167-year old financial institution headquartered in Southbridge, MA. Like SpencerBANK, Southbridge Savings Bank 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 SpencerBANK and Southbridge Savings Bank 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 I should be doing differently?
No, you should 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 and our new ABA/Routing number of 211371735.
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
230 Park Avenue
Worcester, MA 01609-1918
PO Box 370
Southbridge, MA 01550-0370
10. When does SpencerBANK and Southbridge Savings Bank become Cornerstone Bank?
SpencerBANK and Southbridge Savings Bank are scheduled to merge on June 12, 2017.
In preparation for the conversion, all offices of both SpencerBANK and Southbridge Savings Bank 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 Cornerstone Bank debit card is slated to go out by fourth quarter of 2017. You will be issued a new Debit Card number at that time. We plan for you to keep your same PIN number.
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.
The banking routing number for your account will change to the Cornerstone Bank routing number (211371735) on June 12, 2017. However, Cornerstone Bank will continue to honor all direct deposits, automatic deposits and payment transfers.
15. Will my deposit statement change?
You will receive a final deposit statement from SpencerBANK as of 6/9/17, for all accounts except for Time Deposit accounts. Time Deposit statements will generate as they do today. 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 Online Banking and Bill Pay? Do I need to take any necessary steps for Quicken or QuickBooks?
We are pleased to announce that we will have a new Bill Pay service. If you’re a Bill Pay customer, please see the Important Facts and Necessary Steps prior to June 8, 2017.
If you are enrolled in QuickBooks or Quicken, please see the Necessary Steps to modify your settings for a smooth transition.
Please see the below information pertaining to service timeframes:
- 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. Please note that you will need to set up a new pin.
- 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.
Your user name and password will remain the same unless you have an active Southbridge Savings Bank Online Banking user name and password–If so, please use the Southbridge Savings Bank user name and password. You will be required to set up new challenge questions.
On June 12, 2017, you will have access and will experience the new look and feel of the Cornerstone Bank Online Banking and Bill Pay service. We will also have a new Cornerstone Bank Mobile Banking app; please download the app from Google Play or the App Store.
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.