July 12, 2016

An Open Letter to Our Customers,

On behalf of the teams who proudly represent Marlborough Savings Bank and North Middlesex Savings Bank, we are excited to announce this mutually beneficial merger of two community-centered banks. The two banks are vibrant and strong, but we will be stronger together.

This new partnership will let us provide you, our customers, with the best products, convenience and exceptional service from people you already know and trust. We are deeply committed to the philosophy of mutual savings banks, our people and by joining forces, we are ensuring the longevity of two respected hometown banks deeply rooted in their communities. No layoffs will occur as a result of this strategic merger and our existing branch network will not be impacted. All deposits will continue to be fully insured through FDIC and DIF Insurance.

What does this mean for you?

With the additional resources from both banks, combined with our most important asset, our people, we will be able to further strengthen our capabilities, products, technologies and lending capacity. Being a responsible and engaged neighbor is one of the main core values of both banks and by partnering, this will only enhance and increase our unwavering commitment to community philanthropy and volunteer hours that our people commit to every year.

As the merger process continues, we will make sure we communicate timely information through direct customer communications. In the meantime, you can continue to do your banking as you normally would as a customer of Marlborough Savings Bank and North Middlesex Savings Bank. We will provide ample notice when you can expect changes to occur.

What will the new bank be called?

For now, Marlborough Savings Bank and North Middlesex Savings Bank will continue to operate under our current brand names. Over the next several months, we will work together to leverage both banks’ core brand values, communities we serve, and introduce a new name. Our name will change but the faces that you are familiar with, will stay the same.

Will there be any changes to the bank’s leadership?

Mr. Richard K. Bennett will continue to serve as President and CEO of Marlborough Savings Bank until the strategic merger is complete. He will then become the Chief Executive Officer of the combined banks. Mr. Walter J. Dwyer will continue to serve as President and CEO of North Middlesex Savings Bank He will then become President of the combined banks.

We know you’ll have more questions regarding this news.

As always, we thank you for your continued loyalty and trust. This mutually beneficial merger will benefit our people, customers and communities we proudly serve and support for many years to come.

Sincerely,                                                          Sincerely,

                                         wally thicker

Richard K. Bennett                                          Walter J. Dwyer, IV
President & CEO                                              President & CEO
Marlborough Savings Bank                           North Middlesex Savings Bank