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Banks Announce Merger Agreement

Taunton, MA… Dennis Kelly, President and CEO of Bristol County Savings Bank and Ronald Grant, President and CEO of Randolph Savings Bank have announced that the two financial institutions have reached an agreement to merge.

 
PRLog - Oct. 18, 2006 - BRISTOL COUNTY SAVINGS BANK,

RANDOLPH SAVINGS BANK

ANNOUNCE MERGER AGREEMENT



Taunton, MA… Dennis Kelly, President and CEO of Bristol County Savings Bank and Ronald Grant, President and CEO of Randolph Savings Bank have announced that the two financial institutions have reached an agreement to merge, pending all state and federal regulatory approvals and a vote of their respective Corporators. The merger will create the sixth largest mutual savings bank in Massachusetts and will do business as Bristol County Savings Bank. The combined bank will also have two branch locations and two loan production offices in Rhode Island.



“This merger brings together two financially strong mutual savings banks that share a common commitment to their customers and communities,” states Kelly. “By combining our substantial resources we will be in an even better position to serve our customers while also competing more effectively in a changing market.”



“Combined, our two banks have over 300 years of community banking experience,” adds Grant. “We could not envision a better partner to insure that our customers will continue to be provided with the products and personal service that epitomize true community banking.”



Kelly will serve as President and CEO after the merger while Grant will assume the position of Executive Vice President and serve on the Board of Directors. The new Bristol County Savings Bank franchise will have assets of over $1.4 billion and enjoy a footprint that extends from Randolph, MA to Coventry, Rhode Island and includes 17 full service branches, 2 educational branches, 7 lending centers and 26 ATMs.

Bristol County/Randolph Savings Release



The merger will provide Bristol County Savings Bank, headquartered in Taunton, MA, with a strong capital base of over $180 million. All existing Randolph Savings Bank locations will remain open, including its current headquarters and lending center building in Stoughton, MA.




“Geographically and philosophically this is a perfect match” says Kelly, “We are a growing, full service financial institution with a strong foundation in terms of resources, people, products and services serving both Massachusetts and Rhode Island.”





Bristol Country Savings Bank

www.bristolcountysavings.com



Founded: 1846

Assets: $1.05 billion

Employees: 244

Lending Centers: 5

Branch Offices: 10

Taunton, MA (2)

Raynham, MA (2)

Rehoboth, MA

Attleboro,MA

North Attleborough, MA

Franklin, MA

Dartmouth, MA (opening later this year)

Pawtucket, RI

Educational Branch Offices: 2

Taunton High School

Attleboro High School





Randolph Savings Bank

www.randolphsavings.com



Founded: 1851

Assets: $380 million

Employees: 110

Lending Centers: 2

Branch Locations: 7

Randolph, MA (2)

Stoughton, MA (2)

Canton, MA

Holbrook, MA

Coventry, RI





# # #


Steven V. Dubin
PR Works
51 Lot Phillips Road, Kingston, MA 02364
(Email) SDubin@PRWorkZone.com
(Direct land line) (781) 582-1061
(Fax line) (781) 582-1075
(Cellular) (781) 864-1837
(Website) www.PRWorkZone.com

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Source:Bristol County Savings Bank
Industry:Banking
Tags:banking
Shortcut:prlog.org/10002535

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