Boston-based Blue Hills Bank announced today it plans to acquire Nantucket Bank, a division of Sovereign Bank, N.A., in a deal slated to close early next year.
Under the terms of the agreement, Blue Hills Bank will acquire three branch offices, along with all of the deposits, totaling $265 million, and $100 million worth of certain local commercial and consumer loans. Blue Hills Bank did not disclose the deposit premium it paid in the deal.
"This acquisition is another step in our strategic plan to build a diversified community bank. Our strategy includes owning and operating a number of banks with independent brands and connectivity to their local communities. As part of this hyper-local strategy, each brand will maintain local management, while realizing economies of scale in back-office functions like finance, operations, IT, marketing and human resources," William M. Parent, president and chief executive officer, said in a statement.
As such, Blue Hills Bank plans to keep Nantucket Bank’s existing management and branch personnel in the deal.
The acquisition will bring Blue Hills Bank up to more than $1.5 billion in assets and 9 branches across eastern Massachusetts and the islands. The bank presently has assets of around $1.2 billion and has six branches in Hyde Park, Brookline, Dedham, West Roxbury and surrounding areas.
