Bristol County Savings Bank Reports Continued Growth at Annual Meeting DATELINE: Taunton, MA ...
At Bristol County Savings Bank's recent annual meeting of Bank President E. Dennis Kelly Jr. noted that the year 2008 has been another challenging but successful year. Beacon Bancorp and is a subsidiary, Bristol County Savings Bank ended the year with $ 10.5 million of operating income before security transactions and income taxes. This was an increase of 26% over the previous year, ending the year with total assets of the Bank at 1.1 billion, an increase of 2.0%. One of the highlights of the past year was the acquisition of a substantial interest in Farrell Backlund Insurance Agency, LLC, one of the largest properties in the region and casualty insurance agencies.
Kelly said: "Despite the fact that negative issues seemed to dominate the new banks, 2008 was another good year for Bristol County Savings Bank, with an operating profit increased after the additional investment in people and infrastructure. "Retained earnings, Bristol County Savings Bank closed the year at $ 158.3 million or 13.7% of assets, a key measure of the continued success of the Bank. The position of the Bank's strong capital ranks Bristol County Savings in the top 10% for banks with $ 1 billion or more assets on the state and federal level.
Bristol County Council of the Savings Bank Administration
Cody Dennis, Chairman, noted changes to the Incorporation of the Bank with the retirement of Clifford bodge and Paul Scanlon. "We thank them for their contributions to the Bank over the years," said Cody.
Incorporation The following were elected:
At Dartmouth Bank, the market for corporate control in three more were elected: Mr. Jean MacCormack, chancellor of the University of Massachusetts Dartmouth, Kirk Franklin, president, Frank League of Environmental Services of New Bedford and Kara Johnston, vice president of Fall River Associates Electric Co., Fall River Inc.. In the Bank of Taunton / Raynham Market two body have been elected: Russell F. Martorana, President, Farrell Backlund Insurance Agency LLC, Raynham and Attorney Jeanne Quinn, Associate Silvia & Quinn, PC, Raynham. David A. Strauss, president of Key Container Corporation in Pawtucket was elected Corporator. Bank in Pawtucket, Rhode Island market.
Anawon Trust
Paul Tucker, President of Anawon Trust, a division of Bristol County Savings Bank, said that 2008 was a difficult year. Despite the erosion of the value of equities and fixed income assets under private management at the end of the year to $ 173.7 million.
In Bristol County Savings Charitable Foundation
2008 marked the 12th year of operation of the Bristol County Savings Foundation charity, which was created as part of celebrations of the 150th anniversary of the Bank in 1996. In 2008, the number of requests for assistance have continued to increase and the Foundation was able to meet with a record total of $ 767,834, 115 to assist various local organizations throughout the service area of the Bank.
Bristol County Savings Bank
Bristol County Savings Bank is a full service financial institution offering commercial lending, personal and business banking and mortgage services. The key words at Bristol County Savings Bank are: "Commitment, Stability, and Community," values that are combined with advanced technology to meet the needs of its customers. A dedicated local community bank for over
162 years, Bristol County Savings Bank is actively involved in giving back to all the communities it serves both through financial support and volunteerism of its people.
Founded in 1846, Bristol County Savings has $ 1.1 billion in assets. With the addition of Farrell Backlund Insurance, the Bank now has over 300 employees in Southern RI and MA. The Bank's 10 full-Served.
Posted on August 4, 2010.
