Mergers

Bristol County Savings Bank Completes Acquisition Of Freedom National Bank

Expands Bristol’s Presence in Rhode Island

Keith Griffin

August 5, 2020

Bristol County Savings Bank, a Massachusetts chartered savings bank, announced Freedom National Bank officially joined the organization, following the finalization of the acquisition on July 31, 2020. Freedom National Bank will be operating as Freedom Bank, a division of Bristol County Savings Bank, until Sept. 28, when the Freedom Bank accounts merge into Bristol County Savings Bank.

Patrick Murray, left, and Anthony Botelho, right.

Patrick Murray, president and CEO of Bristol County Savings Bank, said, “We are excited to finalize this acquisition and welcome Anthony Botelho, the Freedom team and Freedom customers into the Bristol County Savings Bank family. We look forward to serving the customers of Freedom National Bank and deepening our ties to the Rhode Island market.”

Botelho, who was president and CEO of Freedom National Bank, joined Bristol County Savings Bank in a new role as senior vice president and director of market development. Freedom operates two branches in Rhode Island. The merger was announced in January.

Griffin Financial Group LLC acted as financial advisor to Bristol County Savings Bank and Janney Montgomery Scott LLC acted as financial advisor to Freedom National Bank. Luse Gorman, PC served as legal counsel to Bristol County Savings Bank and Hinckley, Allen & Snyder LLP served as legal counsel to Freedom National Bank.

Bristol County Savings Bank, a state-chartered savings bank and the wholly-owned subsidiary of Beacon Bancorp, is a full-service banking institution with approximately $2.8 billion in assets following the acquisition.  Founded in 1846, Bristol County Savings Bank has expanded its branch network to 18 full-service offices including the two acquired from Freedom National Bank.

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