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Bristol County Savings Assets Rise In ’09

Mar 31, 2010 | Reprints | Unlock Link | Print

Left to right: Dennis Kelly, president & CEO of Bristol County Savings Bank; Jean F. MacCormack, chancellor of UMass Dartmouth; Dennis Cody, chairman of the board; Patrick Murray, executive vice president/treasurer & COO, all of Bristol County Savings Bank Total assets at Beacon Bancorp and its subsidiary, Bristol County Savings Bank, rose 3 percent last year compared to 2008.

Retained earnings closed the year at $166.2 million or 13.9 percent of assets. The bank’s strong capital position ranks Bristol County Savings Bank in the top 10 percent for Massachusetts banks with $1 billion or more in assets, according to a statement.

"In what many economists described as the most difficult economic period we have faced since the Great Depression, we’re pleased to report that the bank continued to perform well and make progress in key strategic areas," said E. Dennis Kelly, president of Bristol County Savings Bank.

In other news, Dennis Cody, chairman of the board, announced Jean F. MacCormack, chancellor of UMass Dartmouth has been elected to the bank’s board of directors. MacCormack will take the seat vacated by Vice Chairman Charles P. Terry, who will retire.

Banking & Lending