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Avidia Bank to assume health savings accounts of Bancorp Bank

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Avidia Bank to assume health savings accounts of Bancorp Bank

Hudson, Mass.-based Avidia Bank filed an application with the Federal Deposit Insurance Corp. to assume Wilmington, Del.-based Bancorp Bank's health savings accounts.

The proposed transaction is expected to close no later than May 31, 2019, according to a regulatory filing recently obtained by S&P Global Market Intelligence.

As of Sept. 30, Avidia Bank has total assets exceeding $1.58 billion and total deposits exceeding $1.26 billion, while Bancorp Bank has total assets exceeding $4.36 billion and total deposits exceeding $3.87 billion, according to the application.

Avidia Bank is a subsidiary of Assabet Valley Bancorp. Bancorp Bank is a subsidiary of The Bancorp Inc.