Bristol County Savings expanding in R.I. with Freedom purchase
Bristol County Savings Bank in Taunton, Mass., has agreed to buy Freedom National Bank in Greenville, R.I.
The $2.3 billion-asset Bristol County Savings said in a press release Tuesday that it expects to complete the purchase of the $123 million-asset Freedom in the second quarter. Bristol County Savings did not disclose the price it will pay.
Freedom has branches in Rhode Island communities of Greenville and Cumberland.
After the deal closes Bristol County Savings Bank will have consolidated assets of approximately $2.4 billion and a branch network of 18 full-service offices.
Anthony Botelho, Freedom’s president, will join Bristol County Savings.
“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,” Patrick Murray Jr., Bristol County Savings’ president and CEO, said in the release.
Griffin Financial Group and Luse Gorman advised Bristol County Savings. Janney Montgomery Scott and Hinckley, Allen & Snyder advised Freedom.