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On July 31, 2020, Bristol County Savings Bank, a $2.6 billion asset, 173 year old mutual savings bank headquartered in Taunton, Massachusetts, closed its previously announced acquisition of Freedom National Bank of Greenville, Rhode Island. Freedom National Bank is a two branch stock community bank with total assets of $144 million.
Bristol County Savings Bank already does business in Rhode Island, with a branch in Pawtucket and a loan center in Warwick. In addition, a number of members of its senior management team have ties to Rhode Island. Freedom National Bank is strategically contiguous to Bristol County Savings Bank’s existing footprint and its leadership team is familiar to Bristol County executives.
Freedom National has a strong balance sheet with attractive core deposits and a diversified loan portfolio focused primarily on commercial and SBA lending. Tony Botelho, President and CEO of Freedom, will remain with Bristol County following closing of the transaction with leadership responsibility in the market.
Following closing, Bristol County will have 18 full-service offices and approximately $2.8 billion in total assets across southeast Massachusetts and northern Rhode Island.
The press release for the transaction can be seen here by clicking on the respective link.
Griffin Financial Group, LLC served as exclusive financial advisor to Bristol County Savings Bank in this transaction.
For more information on this transaction, please contact Richard Quad, Senior Managing Director and Head of the Financial Institutions Group, at 646.254.6387, or Jordan Winick, Vice President, at 610.205.6355.
