Bristol County Savings acquires 4 new branches

BRISTOL COUNTY SAVINGS BANK has acquired four new branches from Boston-based Admirals Bank.
BRISTOL COUNTY SAVINGS BANK has acquired four new branches from Boston-based Admirals Bank.

TAUNTON – Bristol County Savings Bank is acquiring four branches – in Fall River, New Bedford and Raynham – from Boston-based Admirals Bank.

Two of the branches are located in New Bedford, one is in Fall River and the fourth is an in-store location in Raynham. According to the bank, the acquisition will bring the number of branches in Bristol County to 15, with an overall total of 17 branches.

Approximately $42.7 million in total deposits are being acquired through the transaction, which requires regulatory approval and is expected to close in Spring 2013.

“This is a strategically significant transaction for us,” Bristol County Savings Bank CEO Patrick J. Murray Jr. said in prepared remarks. “We understand these markets extremely well, have a long reputation for effectively serving the businesses and individuals that make up these communities, and we enthusiastically welcome these new customers to the Bristol County Savings family.”

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The acquisition expands Bristol County Savings Bank’s retail presence into the Fall River and New Bedford markets. The bank has operated a loan office on Eastern Avenue in Fall River since 2006, offering commercial and residential mortgage loans. The bank also has a branch office on Ashley Boulevard in New Bedford.

Bristol County Savings Bank was founded in 1846 and offers commercial lending, personal and business banking, and mortgage services. The Bank has $1.4 billion in assets and more than 300 employees in southeastern Massachusetts and Rhode Island.

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