BROOKLINE, Mass. Brookline Bancorp plans to retreat from the Internet-only banking business.
Citing losses associated with its Internet-only Lighthouse Bank, the $1 billion-asset company said in its first-quarter earnings report that it expects to sell it to a third party or merge it into Brooklines traditional operations in the second or third quarter.
Brookline invested $25 million in Lighthouse and expects it to continue to have operating losses until it is sold or merged.