1. PeoplesBank strengthens mutual structure as new CEO takes office | masslive.com

    PeoplesBank strengthens mutual structure as new CEO takes office | masslive.com

    PeoplesBank has changed its bylaws to make it more difficult for the bank to convert from mutual ownership by its depositors to public ownership by stockholders.  The changes, enacted in February but announced this week, bar the bank's senior management and trustees from self-enrichment in the event of a conversion, said Thomas W. Senecal, president & CEO of PeoplesBank.

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    1. The local banking market is ever changing.
    2. It basically took out any financial incentive from management or the board's part from converting.