
New Direction for Former Admirals Bank
Less than three years after rebranding with a new name and mission, the former Admirals Bank has again changed its focus and taken on another name: 42 North Private Bank.
Less than three years after rebranding with a new name and mission, the former Admirals Bank has again changed its focus and taken on another name: 42 North Private Bank.
Ethic, A Wealth Bank has named William Buccella, a former executive with Wilmington Trust Co., as its next president and CEO.
Ethic, the reincarnation of once-troubled Admirals Bank, is trying to grow its wealth management business by double digits in a crowded field by offering boutique service and big-firm capabilities.
Boston-based Admirals Bank has completed its rebranding by relaunching as ETHIC, a Wealth Bank.
A recent private placement offering has brought Admirals Bank’s capital levels well above the threshold for a “well capitalized” bank, letting the once-troubled institution chart a new path forward.
More than a year and a half after receiving a federal consent order and almost selling most of its assets, Admirals Bank is preparing to begin a new chapter and reposition itself as a relationship-driven community bank.
Admirals Bank has recently launched a residential mortgage business, as the bank looks to turn around past financial woes and transition into a community bank focused on the Massachusetts and Rhode Island markets.
Admirals Bank continues to slow losses as it works to bring itself back to profitability.
In its early days, Admirals Bank used individually tailored and highly customized concierge banking to bring in deposits it would use to buy pools of commercial loans on the secondary market.
Admirals Bank reported more than $2.5 million in losses in the third quarter, bringing total losses year-to-date to roughly $17.8 million.
Mark Thompson, who earlier this year led an effort to launch a new bank that ultimately fizzled, has been named president and director of Cambridge Trust Co.
Add the Federal Reserve Bank of Boston to the list of regulators concerned about the state of Admirals Bank.
In a period of growth for most banks in Massachusetts, Admirals Bank continues to spiral downward.
After months of raising capital intended to purchase assets from Admirals Bank and launch a new institution called Bank & Trust Co. of Boston, the banking executives behind the venture are pulling out of the deal.
A newly formed commercial banking firm lead by former Boston Private CEO announced today that it will buy Admirals Bank in a deal expected to close early next year.