Taunton-based Bristol County Savings Bank has entered into an agreement to acquire Freedom National Bank in Rhode Island.
Under the terms of the agreement, Freedom National Bank will merge with and into Bristol County Savings Bank, a state-chartered savings bank and wholly-owned subsidiary of Beacon Bancorp. The deal’s structure and value were not immediately available.
The transaction is expected to close in the second quarter of 2020. Following the acquisition, Bristol County Savings Bank expects to continue to operate Freedom National Bank’s offices, located in Greenville and Cumberland, Rhode Island, as branches of Bristol County Savings Bank.
Following the completion of the transaction, Bristol County Savings Bank will have consolidated assets of approximately $2.4 billion and a branch network of 18 full-service offices.
Anthony Botelho, president of Freedom National Bank, will join Bristol County Savings Bank with leadership responsibility in the bank’s markets, according to Patrick Murray Jr., CEO and president of Bristol County Savings Bank
“This acquisition will deepen our already strong ties to the Rhode Island market and is a perfect fit for the bank strategically, as well as, geographically,” Murray said in a statement. “We look forward to serving the customers of Freedom National Bank and providing them an even broader array of banking solutions to meet their financial needs.”
Bristol County Savings Bank has a Rhode Island branch already in Pawtucket and a loan center in Warwick. The bank’s network of 16 full-service offices also includes branches in Attleboro, Dartmouth, East Freetown, Fall River, Franklin, New Bedford, North Attleboro, Raynham, Rehoboth and Taunton.
“Bristol County Savings Bank is the ideal partner for Freedom National,” Botelho said in a statement. “Their local geography, stellar reputation and commitment to customer service will benefit both the customers and employees of Freedom National Bank and their northern Rhode Island communities as well.”
The acquisition is subject to regulatory approval and terms and conditions of the definitive agreement between the parties.
Bristol County Savings Bank had approximately $2.3 billion in assets as of Sept. 30. The bank operates limited service educational branches at Taunton and Attleboro High Schools. It also offers wealth management services through its affiliate Bristol Wealth Group, as well as insurance services through its affiliate FBinsure, a property and casualty insurance agency.
Freedom National Bank, had total assets of approximately $123 million at Sept. 30.
