MetWest Scene Bulletin: Strata Bank Down Prior to Natick’s Middlesex Bank Merger

Medway-based Service Bancorp, the holding company for Strata Bank, reported net income for the fourth quarter of $2 million, compared to a net loss of $20,000 for the same quarter a year ago, but still found itself more than $6 million in the red for the six-month period ended Dec. 31.

Service Bancorp’s net loss for the six months ended Dec. 31 was $6.1 million, compared with a net loss of $244,000 for the same period in 2007.

– Banker and Tradesmen

Strata will  re-mutualize and merge into Middlesex Savings Bank in Natick.

Shareholders of Strata will receive $28 for each share of common stock, according to the agreement with Middlesex.