Bristol County Savings Bank Acquires Freedom National Bank

Bristol County Savings Bank, a Massachusetts chartered savings bank and Freedom National Bank, a national bank have jointly announced today that they have entered into a definitive agreement, pursuant to which Bristol County Savings Bank will acquire Freedom National Bank.

Under the terms of the agreement, Freedom National Bank will be merged with and into Bristol County Savings Bank.  The transaction is expected to close in the second quarter of 2020.  Following the acquisition, Bristol County Savings Bank expects to continue to operate Freedom National Bank’s offices, located in Greenville and Cumberland, Rhode Island, as branches of Bristol County Savings Bank.

Following the completion of the transaction, Bristol County Savings Bank will have consolidated assets of approximately $2.4 billion and a branch network of 18 full-service offices.

Patrick J. Murray, Jr., Chief Executive Officer and President of Bristol County Savings Bank, stated “We are pleased and excited that the Freedom National team will join our family at Bristol County Savings, and that Anthony A. Botelho, President of Freedom National Bank, will join our bank with leadership responsibility in our markets.  This acquisition will deepen our already strong ties to the Rhode Island market and is a perfect fit for the Bank strategically, as well as, geographically.  We look forward to serving the customers of Freedom National Bank and providing them an even broader array of banking solutions to meet their financial needs.”

Anthony A. Botelho, President of Freedom National Bank, added, “Bristol County Savings Bank is the ideal partner for Freedom National.  Their local geography, stellar reputation and commitment to customer service will benefit both the customers and employees of Freedom National Bank and their northern Rhode Island communities as well.”

The acquisition is subject to regulatory approval and terms and conditions of the definitive agreement between the parties.

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.

About Bristol County Savings 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 $2.3 billion in assets as of September 30, 2019.  Founded in 1846, Bristol County Savings Bank has expanded its branch network to include 16 full-service offices in Attleboro, Dartmouth, East Freetown, Fall River, Franklin, New Bedford, North Attleboro, Raynham, Rehoboth and Taunton, Massachusetts, and Pawtucket, Rhode Island as well as a Loan center in Warwick, Rhode Island.  The Bank also operates limited service educational branches at Taunton and Attleboro High Schools.  In addition to traditional banking services, Bristol County Savings Bank offers wealth management services through its affiliate Bristol Wealth Group, as well as insurance services through its affiliate FBinsure, one of the region’s largest property and casualty insurance agencies.  For more information on Bristol County Savings Bank, visit www.bristolcountysavings.com.

About Freedom National Bank

Freedom National Bank, had total assets of approximately $123.0 million at September 30, 2019.  Freedom National Bank operates as a full-service community bank through two branch offices located in Greenville and Cumberland, Rhode Island.  For more information about Freedom National Bank, visit our web site at www.freedomnationalbank.com.

The Main Office and Corporate Headquarters of Bristol County Savings Bank are located on Broadway in Taunton, Massachusetts. www.bristolcountysavings.com