Somerset Savings is now Somerset Regal Bank
On September 19, 2023, Regal Bank completed its merger with Somerset Regal Bank as announced on July 25, 2022. Somerset Regal Bank, previously Somerset Savings Bank, has a long history of providing quality financial services to its customers and we look forward to maintaining this tradition by continuing to provide you with a quality banking relationship.
Somerset Regal Bank will continue to be the same great bank as Regal Bank with a community banking tradition that sets us apart from other financial institutions. Both banks have a culture of commitment to customers and the community, making the partnership an ideal fit. We share a common belief in providing face-to-face personal service, the convenience of electronic banking services, and dedication to our customers’ financial success. We will continue to bring you the same competitive products and services, along with expanded lending capability, all delivered by the bankers you have come to appreciate.
At this time, it is business as usual. You will not notice any changes in our day-to-day activities as a result of the merger. There will be no changes to the staff with whom you have historically interacted. So, while the name of the bank has changed, you will continue to have access to your local banking offices, lending and operations staff and enjoy the same personal attention and trusted financial advice.
Once we complete our operating systems integration in March 2024 you will have the convenience of additional banking locations as well as additional products and services. As we get closer to our systems integration, we will provide additional information.
Answers To Your Questions
We are very excited about uniting Regal Bank with Somerset Regal Bank! Our teams are working hard behind the scenes to make this a seamless transition for you. We are currently working on combining operating systems in March 2024. Below, we have provided some answers to questions you may have about the transition. As always, we are ready to assist with any questions you may have, and we will continue to provide updates throughout the process to keep you informed!
What is the merger all about?
Somerset Savings Bank converted from the mutual to the stock form of organization. In the conversion, SR Bancorp became the parent company of Somerset Savings Bank and sold shares of its common stock in a public offering. SR Bancorp in turn acquired Regal Bancorp, Inc. and its wholly-owned subsidiary Regal Bank, a commercial bank headquartered in Livingston, New Jersey. As part of that process, Somerset Savings Bank converted to a commercial bank charter and was renamed Somerset Regal Bank. This was all completed on September 19, 2023.
Why did Regal Bank merge with Somerset Regal Bank?
· To be a stronger community bank in the areas we serve.
· Our two organizations share a very similar mission, vision, and purpose; demonstrated by a long history of genuine commitment to our customers and our local communities. It means even greater strength, greater stability, and greater convenience.
· The merger will provide improved product and service offerings and greater convenience for our customers
· Both banks are local and deeply connected to the needs and goals of the communities we serve. We share common cultures and operate with a very similar philosophy of high-touch service.
· We are committed to maintaining our involvement in our local communities.
How will the merger affect me?
As a Regal Bank customer, you will benefit from a wider collection of products and services after our operating systems are integrated in March 2024. You will continue to be served by the same staff at your branch. You will continue to receive the same personal attention, the same strong support for local communities and the same spirit of volunteering from employees. Today, it is business as usual until our full system conversion planned for March 2024. You will receive information in advance of the systems and technology conversion and any changes that may affect your account(s). And, we’ll be with you every step of the way!
Will the bank’s name change?
Yes. While the Regal Bank name will change to Somerset Regal Bank, you can expect the same people and same local service you have come to expect.
Why is the operating systems integration important?
When the operating systems integration has been completed in March 2024, customers will be able to take advantage of all combined products, services, and cross-bank at any location.
How will my account(s) be impacted?
There will be no changes to your account(s) until, at the earliest, the operating systems integration takes place in March 2024. Until then, Regal Bank’s existing account agreements and all other contracts will continue to govern your account(s), and you can continue to bank as usual using your Regal Bank debit card, checks and deposit slips, website, and online banking. You should also continue to make any loan payments as usual. We will notify you in writing well in advance about any changes to your account(s) and services due to the systems conversion. We are focused on ensuring a smooth transition.
Can I continue to use my existing checks, debit card, and/or ATM card?
Yes, please continue to use your existing checks, debit and ATM cards.
Will my account or loan number change?
For now, your account numbers will remain the same. In the unlikely event a change is needed, you will be notified well in advance and we will handle all of the details.
Will my direct deposits, automated payments, and transfers continue to be connected to my account?
Yes. All these services will continue without interruption at this time. If you need to make changes, please contact your branch office.
Will my deposits still be FDIC-insured?
Yes. Your deposit accounts will continue to be insured by the FDIC. The standard FDIC insurance amount is $250,000 per depositor, per insured bank, for each ownership category.
What online banking changes should I expect?
There will be no changes to your online banking until, at the earliest, the operating systems integration takes place in March 2024. At that point, you may be viewing a different online banking home screen, but you will continue to be able to access complete account information, make transfers between accounts, pay bills electronically and view check images.
What changes to products and services can I expect?
We are working to determine the best products and services moving forward. We further expect to adopt the best practices from both entities to achieve the highest level of customer satisfaction. Debit cards, online, and mobile banking will be converted automatically for you, and we will provide additional updates throughout the systems conversion process.
When will I be able to bank at Somerset Regal Bank locations?
Cross-banking at all locations will be available when all operating systems have been successfully integrated in March 2024.
Who should I contact with additional questions?
You can call the same people you call today with any questions. The phone numbers will remain the same, so feel free to contact your Regal Bank branch office. They will be available to answer any questions you may have.
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