By Rhonda Miller
PBN Staff Writer
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.”
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.