Griffin Financial Advises Bristol County Savings Bank in Assumption of $42.7 Million in Deposits and Purchase of Four Branch Locations from Admirals Bank

Bristol County Savings Bank, founded in 1846, is a full-service financial institution with $1.4 billion in assets and over 300 employees in Southeastern Massachusetts and Rhode Island offering commercial lending, personal and business banking, and mortgage services. The Bank currently operates 11 full-service branch offices throughout southeastern Massachusetts and Rhode Island, as well as four dedicated loan centers. The Bank also has a Financial Advisory Services Division which assists businesses, individuals and non-profits with the management of their assets, and a majority-owned insurance subsidiary that offers quality insurance options for Bank customers.

The branch locations acquired from Admirals Bank are all in Bristol County and include one branch in Fall River, two branch locations in New Bedford, and an in-store branch in Raynham. These new locations allow Bristol County Savings Bank to expand its retail presence into the Fall River market, where the Bank has operated a Loan Office since 2006, from which it offers both commercial loans and residential mortgage loans. The new retail location in Fall River makes the Bank more accessible to its current customers in the city and introduces new consumers to Bristol County Savings Bank. The acquisition also greatly expands the Bank’s presence in New Bedford, where it currently operates one branch office.

Bristol County Savings Bank now has 15 branches in Bristol County and 17 branch locations in total.

Bristol County Savings Bank engaged Griffin Financial as its advisor with regard to the branch purchase due to its transaction experience, its experience in the New England market and its familiarity with Admirals Bank and its management team. Griffin Financial assisted Bristol County Savings Bank with the financial analysis, diligence review, and the negotiation and documentation of the terms of the transaction, as well as advising on integration planning.

For more information on this transaction, please contact Richard L. Quad, Senior Managing Director and Co-Head of the Financial Institutions Group, at 646.254.6387.