Reading Cooperative Bank
Data Breach Class Action Lawsuit

Posted: February 26, 2025 -- Attention, victims of the Reading Cooperative Bank data breach.

Abington Cole + Ellery is investigating the data breach recently announced by Reading Cooperative Bank.

Reading Cooperative Bank Data Breach Summary:

Approximately 24,000 individuals were affected by the Reading Cooperative Bank data breach.

Breached data may include, but is not necessarily limited to: names along with other sensitive personal information.

The Reading Cooperative Bank, based in Massachusetts, recently experienced a data breach due to a Phishing attack, compromising personal information of over 24,000 people. This incident highlights the risks of email-based cyber threats and the importance of employee training in cybersecurity.

The breach was initiated through an email Phishing attack, where an employee inadvertently clicked on a malicious email. According to reports, this email was from a known sender within the banking industry, suggesting a sophisticated attempt to exploit trust in professional networks. The exact date of the breach is not publicly specified, but the announcement and subsequent notifications suggest it was discovered and reported in February 2025.

In response to the breach, Reading Cooperative Bank has taken several steps to address the incident and mitigate further risks. They engaged third-party cybersecurity experts to investigate the breach, aiming to understand the full scope and prevent future occurrences. The bank has also implemented additional safeguards to enhance system security, working collaboratively with internal and external experts to strengthen their defenses.

As a result of the data breach, Reading Cooperative Bank is offering 24 months of free credit monitoring and/or identity theft protection services to some affected individuals.

Additional information about the Reading Cooperative Bank data breach may be found here: Reading Cooperative Bank Data Breach Notification.

About Reading Cooperative Bank:

Reading Cooperative Bank, founded in 1886 in Reading, Massachusetts, is a community-focused financial institution with a long history of serving local needs. Established shortly after the inception of cooperative banking in the state, its initial mission was to enable working-class individuals, referred to at the time as the "workingman," to purchase homes, addressing a gap left by larger banks that primarily served businesses and wealthier clients. Over its 139-year history, the bank has maintained this community-centric approach, evolving into a full-service institution that prioritizes customer and community interests. It operates as a cooperative, meaning it is owned by its customers rather than stockholders, with a board of directors democratically elected by its customer-owners, ensuring governance aligns with community values. This structure reflects its commitment to remaining independent and responsive to local needs, as evidenced by recent amendments to its bylaws, which require a supermajority and two-thirds of customers with checking or savings accounts to approve any charter changes, reinforcing its cooperative identity.

The bank offers a comprehensive suite of banking services for both personal and business customers, accessible through its extensive branch network and digital platforms. It currently operates branches in Andover, Burlington, Lynn, Nahant, North Reading, Reading, and Wilmington, with plans to expand following a partnership with Wakefield Co-operative Bank announced in January 2025, adding branches in Wakefield, Lynnfield, and Melrose . For personal banking, services include various checking and savings accounts, online and mobile banking, and financial planning assistance, with customers able to manage accounts via the bank's app and a large ATM network. Business banking offerings encompass checking and savings accounts, loans, cash management services, and business online banking, catering to a range of needs from small cafés to larger corporations. The bank's emphasis on digital convenience is evident in its mobile app, which allows customers to check balances, pay bills, and make transfers, and its online banking platform, which supports account management and bill payments. This geographical and service diversity ensures accessibility for a wide customer base.

Beyond its financial services, Reading Cooperative Bank is deeply involved in community support, reflecting its cooperative spirit. Through the Reading Cooperative Charitable Foundation, established to meet the financial and social needs of the communities it serves, the bank awards grants for causes such as education, arts, environmental protection, and poverty alleviation, demonstrating a commitment to local development. This involvement extends to activities like financial education programs in local schools, as seen in its collaboration with Lawrence Public Schools. In early 2025, the bank announced a partnership with Wakefield Co-operative Bank, merging assets to create a larger entity while preserving cooperative values, which will enhance its ability to meet customer needs and expand its branch network. Financially, the bank remains stable, with total assets of approximately $930 million and a net income of $1.9 million as of December 31, 2024, supported by a B+ health rating and money market rates eight times the national average, indicating a robust operational foundation.

The Reading Cooperative Bank Website may have additional information about or provide periodic updates regarding the data breach.

For more information about steps you can take to possibly reduce the chances harm arising from a data breach, please review the following article: What are some steps you can take if you've been the victim of a data breach?

If you believe you are a victim of the Reading Cooperative Bank data breach, and if you would like to volunteer to serve as a class representative in a class action lawsuit regarding this data breach, please submit your information via the form on this webpage. This website is not associated with nor authorized by Reading Cooperative Bank or any affiliated companies. If you have received any other data breach notifications, you may to review Abington Cole + Ellery's current list of data breach investigations.