TAUNTON – Bristol County Savings Bank has entered into a definitive agreement to acquire and merge with Freedom National Bank, the banks announced on Tuesday.
The deal is expected to close in the second quarter of 2020. Bristol County Savings Bank intends to keep operating Freedom National’s location in Cumberland and Smithfield.
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Learn More“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,” said Patrick J. Murray, Jr., CEO and president of Bristol County Savings Bank. “We look forward to serving the customers of Freedom National Bank and providing them an even broader array” of banking services.
The combined entity will have roughly $2.4 billion in assets, with locations in southeast New England and Rhode Island. As of Sept. 30, BCSB had $2.3 billion of those assets. Freedom National was reported to have $123 million in assets.
The combined entity will have 18 full-service offices, as well.
The acquisition is subject to regulatory approval.
Anthony A. Botelho, president of Freedom National Bank, will join BCSB following the acquisition, with “leadership responsibility in our markets,” according to Murray.
“Bristol County Savings Bank is the ideal partner for Freedom National,” Botelho said. “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.”