
Brookline Bank Adds Two Executives to CRE Team
Brookline Bank has added two executives to its commercial real estate division.
Brookline Bank has added two executives to its commercial real estate division.
Brookline Bank will close the two branches it received as part of the deal to acquire First Commons Bank and consolidate them into the bank’s current footprint.
The parent company of Brookline Bank has received regulatory approval to acquire First Commons Bank. The transaction is expected to close March 1.
If shareholders in January approve the acquisition of First Commons Bank by Brookline Bancorp, executives are slated to receive some significant payouts.
Brookline Bank said it plans to acquire Newton-based First Commons Bank for a total transaction value of nearly $56 million in a joint statement yesterday.
First Commons Bank in Newton said this week that it more than doubled its net income in 2016, posting $2.2 million at Dec. 31 compared with $1 million in 2015.
First Commons Bank in Newton tripled its net income on a year-over-year basis in the third quarter.
Newton-based First Commons Bank more than doubled its net income in the second quarter of the year.
Four Massachusetts banks were recently judged as among the healthiest in the nation, according to a measure known as the Texas ratio, the financial information firm Sageworks said.