MEDFORD, Mass. -- Medford Savings Bank said it assumed the deposits and branch operations of the failed Commercial Bank and Trust of Lowell, Mass.
Medford Savings purchased branches in Wilmington, Burlington, and North Reading, with deposits totaling $30 million, from the Federal Deposit Insurance Corp. for a premium of approximately $1.2 million.
The former Commercial Bank and Trust locations expand Medford Savings' branch total to 16 and introduces several Middlesex County towns to the network.
The $872 million-asset Medford said it expected to close Commercial Bank and Trust's former headquarters in Lowell, once the transfer of deposits is complete.