By PBN Staff
TAUNTON – At the annual meeting of Beacon Bancorp and its subsidiary, Bristol County Savings Bank, Chairman of the Board Dennis M. Cody reported the bank had one of the most successful years in its 165-year history. Despite the economic headwinds of 2011, the Bank’s total assets closed the year at $1.3 billion, an increase of more than 7 percent for the year.
In addition, BCSB reported that net loans outstanding in its portfolio grew $50.4 million, which represented more than $300 million in new loans and advances to existing credit facilities.
The bank also reported that it added $17.3 million in new assets under management, bringing the total for the institution to $208.9 million. BCSB also announced that it has been given approval from regulators to expand its offerings to include long-term care and disability insurance.
Cody also announced the formal elevation of Patrick J. Murray Jr., of Bridgewater, to be president & CEO of the bank. Murray, who joined BCSB in 1986 as its controller, has served as executive vice president, treasurer and COO since 2004. He succeeds E. Dennis Kelly Jr. of Attleboro, who has been with the bank for 35 years, the last 18 years as president & CEO. Kelly will continue as a member of the board of directors and will remain as the chairman of the bank’s charitable foundation.
“The board has worked closely with Patrick Murray for many years, and we have the utmost confidence that the future of the bank is in very capable hands,” Cody said. “We would also like to thank Dennis for his tireless efforts over the years resulting in one of the strongest, well-managed financial organizations in the country. We wish him all the best and look forward to working with him as an independent director.”
During Kelly’s tenure, the bank grew from $302 million to just over $1.3 billion in assets.