NEW BEDFORD, MASS. — CompassBank for Savings, a wholly-owned subsidiary of Seacoast Financial Services Corp., said it has received approval from the Massachusetts Commissioner of Banks and the FDIC to establish a trust department.
The bank plans to offer investment services to a target market of high net-worth individuals living or working in southeastern Massachusetts, Seacoast said. CompassBank has partnered with Boston-based institutional and retail money management firm EPG, Inc. and Fidelity Investment’s Institutional Brokerage Group for the provision of services and operational assistance.
CompassBank is a $2.5 billion state chartered savings bank, with 38 full service branch offices and seven remote ATMs.
