TAUNTON – Bristol County Savings Bank last week announced record-breaking profit of $14.6 million for fiscal 2015, marking a 29.2 percent increase compared with the previous year.
The results were announced during the annual meeting of Beacon Bancorp. Total assets grew 9.8 percent to nearly $1.8 billion, despite slow economic growth and the “burdensome regulatory environment,” according to a press release.
“Through effective strategic planning, Bristol County Savings Bank has continued to turn threats into opportunities and weakness into strengths to become the leading financial institution we are today,” said Dennis M. Cody, retiring chairman of the board.
Cody retires after 40 years of services at the bank, including nine as its chairman. Patrick J. Murray Jr., president and CEO of the bank, lauded Cody for his services.
“For over 40 years, Bristol County Savings Bank has benefited from the sound advice and steady guidance of Dennis Cody,” Murray said in a prepared statement. “His support and insight have been instrumental in setting our strategic vision and plan and we are extremely grateful for his many contributions to the bank’s success.”
Dennis Kelly Jr. is succeeding Cody as chairman of the board. Kelly has held the position of vice chairman for the past three years and has worked at the bank in multiple positions for 35 years, including 18 years as its president and CEO, according to the bank. Frank Teixeira will take over as vice chairman.
The bank grew net interest income 7.2 percent to $49.2 million. Non-interest income grew to $28.1 million, fueled largely by capital gains and insurance commissions realized through the bank’s subsidiary FBinsure.
The bank ended the year with $1.3 billion in total loans outstanding. Deposits grew 12.5 percent to $154.1 million, according to the press release.
