Bristol County Savings Bank closed out 2013 with $9.9 million in net income, representing a 4.8 percent increase over the previous year, and a $105.9 million increase in net loans, the mutual bank’s officers reported at its recent annual meeting.
Last year, Bristol County Savings Bank also made its first acquisition, of Admirals Bank, which had locations in Fall River, New Bedford and Raynham, and also opened a new branch in East Freetown.
"We now have branches located in every major city in Bristol County, and after 167 years, we can now say we are truly Bristol County’s Bank," Dennis M. Cody, chairman of the board, said in a statement.
Overall, Bristol County Savings increased its total assets $124.9 million to $1.5 billion by year’s end and boosted its deposits $75.9 million to $1.1 billion, partly due to the acquisition.
The bank’s financial advisory services division brought in $27 million in new client assets and also increased its assets under management to $254 million, a 15 percent increase from the prior year.
"The bank’s success is directly attributable to our long-time focus on smart growth strategies," President and CEO Patrick J. Murray Jr. said in a statement. "With $1.5 billion in total assets we are now the 27th largest bank out of a total of 153 banks headquartered in the commonwealth of Massachusetts, and the largest headquartered in Bristol County."
Murray told those gathered at the bank’s annual meeting that the Bristol County Savings Charitable Foundation had donated more than $1 million to area nonprofits for the fourth consecutive year in 2013.
The bank also announced two retirements due to age requirements: Norm Gendron, a corporator since 2008, and J. Jerome Coogan, a trustee since 1994. Cody presented a formal resolution to recognize Coogan for his 20-year commitment to the bank, and announced that the Bristol County Savings Charitable Foundation will make a contribution in his name to the Attleboro YMCA for its new Family Adventure Center.
Joseph J. Nauman, executive vice president of corporate and legal for the Acushnet Co., was elected as a new trustee of Beacon Bancorp and board member of the bank. Nauman is also a member of the mayor’s Offshore Wind Advisory Committee, a member of the New Bedford CEO Council and on the board of trustees and executive committee for the Ocean Explorium among others.
The following were named bank corporators and elected to 10-year terms:
- Jane I. Coogan – associate attorney, Coogan, Smith, McGahan, Lorincz, Jacobi & Shanley LLP
- Edwin R. Hurley – president, Hockomock Area YMCA
- Francis J. LaBrecque – partner, Hancock Associates
- Jamie M. Karam – vice president, First Bristol Corp.
- Patrick G. Carney, Jr. – vice president, Claremont Management Corp.
- Divina S. Grossman – chancellor, University of Massachusetts Dartmouth
- David N. Slutz – president, Precix
- John R. Galvin – chief financial officer, Collette
- Richard W. Pomroy – principal, Pomroy Assoc. LLC
