Brookline subsidiaries convert to state rule

BOSTON – Mass. Commissioner of Banks David Cotney announced that Brookline Bank and The First National Bank of Ipswich have converted from federally chartered institutions to a state-chartered bank and trust company, respectively, marking the first conversions of this type in the state since 2001. More

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banking

Brookline subsidiaries convert to state rule

Posted 8/6/12

BOSTON – Mass. Commissioner of Banks David Cotney announced that Brookline Bank and The First National Bank of Ipswich have converted from federally chartered institutions to a state-chartered bank and trust company, respectively, marking the first conversions of this type in the state since 2001.

Brookline Bank, a former state-chartered bank prior to its conversion to a federal charter in 2001, and First National are wholly owned subsidiaries of Brookline Bancorp Inc., the parent of Bank Rhode Island. Until the recent conversions, Brookline Bank and First National were regulated by the Office of the Comptroller of the Currency, a federal agency.

Brookline Bank, with assets of approximately $2.7 billion and 20 full-service banking offices in Middlesex, Norfolk and Suffolk Counties, was the largest federally chartered savings bank in Massachusetts.

The First National Bank of Ipswich, with assets of approximately $272 million and six banking offices in Essex and Suffolk Counties, was approved by the Massachusetts Board of Bank Incorporation to convert from a national bank to a Massachusetts-chartered trust company.

The First National Bank of Ipswich also received approval to remain a member of the Federal Reserve System and changed its name to First Ipswich Bank. •

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