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Freedom National Bank to merge into Bristol County Savings Bank

Taunton, Mass.-based Bristol County Savings Bank agreed to acquire Greenville, R.I.-based Freedom National Bank.

Financial terms of the transaction were not disclosed in the news release. The deal is expected to close in the second quarter.

Under the terms of the agreement, Freedom National Bank will be merged with and into Bristol County Savings Bank. Following the completion of the transaction, Bristol County Savings Bank will have consolidated assets of about $2.4 billion, according to the news release.

S&P Global Market Intelligence valuations for bank and thrift targets in the Northeast region between Jan. 14, 2019, and Jan. 14, 2020, averaged 154.64% of book and 160.19% of tangible book and had a median of 22.74x last-12-months earnings, on an aggregate basis.

Bristol County Savings Bank will expand in Providence County, R.I., by two branches to be ranked ninth with a 1.02% share of approximately $19.93 billion in total market deposits.

Bristol County Savings Bank is a unit of Beacon Bancorp, while Freedom National Bank is a unit of Berkshire Financial Services Inc.

Griffin Financial Group LLC acted as financial adviser and Luse Gorman PC served as legal counsel to Bristol County Savings Bank. Janney Montgomery Scott LLC acted as financial adviser and Hinckley Allen & Snyder LLP served as legal counsel to Freedom National Bank.

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