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Bristol County Savings Bank Reports Another Strong Year of Growth at 2016 Annual Meeting

Dennis Kelly, Jr., Vice Chairman of Board and former President and CEO of Bank, named Chairman of the Board with retirement of Dennis M. Cody

TAUNTON, MA, April 21, 2016 — Dennis M. Cody, retiring Chairman of the Board of Bristol County Savings Bank, announced at the Annual Meeting of Beacon Bancorp recently that the Bank had another strong performance with total assets reaching close to $1.8 billion in FY2015, an increase of $157.7 million or 9.8% compared to the previous year even in spite of an economy that continues to grow at a relatively slow pace and a burdensome regulatory environment.

“Through effective strategic planning, Bristol County Savings Bank has continued to turn threats into opportunities and weaknesses into strengths to become the leading financial institution we are today,” said Cody. “As a mutual bank, the only way we can increase capital is through earnings. It is the primary focus of maintaining our fiscal strength. I am proud to be ending my career as the Bank attains the best bottom line in its history at $14.6 million, an increase from the previous year’s net income of $11.3 million.”

Cody retires after 40 years of service to Bristol County Savings Bank, including the last nine years as Chairman of the Board. He joined the Bank as a member of the Corporation in 1975, was elected to the Board of Trustees in 1985 and was the first Chairman of the Bristol County Savings Charitable Foundation, holding that position from 1996-2007. Cody was a Partner at Jennings Cody & Leahy, Certified Public Accountants in Taunton, Massachusetts for more than 30 years.

“For over 40 years, Bristol County Savings Bank has benefitted from the sound advice and steady guidance of Dennis Cody,” said Patrick J. Murray, Jr., President and CEO of the Bank. “His support and insight have been instrumental in setting our strategic vision and plan and we are extremely grateful for his many contributions to the Bank’s success.” Succeeding Cody as Chairman of the Board will be Dennis Kelly, Jr. who has held the position of Vice Chairman for the last three years after serving the Bank in multiple capacities for 35 years, including 18 years as President and CEO until his retirement in 2012. Frank Teixeira, a Corporator and a member of the Board since 1980, was named Vice Chairman of the Board.

Murray also announced the retirement of another member of the Bank’s Board of Directors, Ronald F. O’Reilly. He joined the Bank as Corporator in 2003 and was elected to the Board of Directors in 2006.

The Bank’s growth in loans and deposits over the past few years helped propel its net interest margin to record levels in FY2015. Net interest income increased $3.3 million or 7.2% to $49.2 million. Non-interest income also increased to a record high helping the Bank continue to diversify its revenue sources. Non-interest income amounted to $28.1 million, including $11.3 million in capital gains and $11.2 million in insurance commissions realized by FBinsure, a subsidiary of Bristol County Savings Bank.

The Bank’s total capital increased $5.7 million to $241.5 million last year, resulting in a common equity tier one capital ratio more than twice the regulatory minimum to be considered well capitalized. Cody noted that from a capital perspective, this position places Bristol County Savings Bank among the strongest banks, not only in the region, but in the country.

“In FY2015, the Bank consistently placed in the top quartile in numerous peer financial rankings, including return on average assets at .86% and equity capital as a percentage of total assets of 13.6%, compared to the State peer median of .48% and 10.32%, respectively,” said Murray.

Murray reported that in FY2015 the Bank turned to its strengths in small business lending, government financing that services municipalities throughout Bristol County and beyond, cash management and superior service in its retail branches to deliver impressive increases in outstanding loans and services. Net loans outstanding increased by $102.6 million or 8.3% in net loan growth.  The Bank ended the year with $1.3 billion in total loans outstanding.

The Bank also increased deposits across all portfolios totaling $154.1 million or 12.5%, resulting in $1.4 billion in total deposits at year-end. More importantly, the growth was in the form of low-cost deposits which grew $16.6% for the year.  With this growth, Murray noted that the Bank is now the third largest depository in Bristol County, Massachusetts.

Russ Martorana, President of FBinsure, reported that the Agency’s FY2015 gross income exceeded its five-year goal of $10 million established in 2010, finishing at $11.2 million, an increase of 16.3% from the previous year. The Agency also posted the largest level of net income in its history at $1.9 million, a $72.8% increase over a very successful 2014.

On the operational side of the business, FBinsure successfully opened its New Bedford and North Attleboro offices after closing on the acquisitions of the Gramlich Insurance Agency in New Bedford, followed in January 2015 by the Henry L. Newbury Insurance Agency in North Attleboro and Taunton. The Agency was also recognized by Reagan Consulting as a “Best Practices Agency” in 2015, a status earned by only nine out of 1,400 eligible agencies in the State.  Lastly, FBinsure completed a carefully planned transition in its management and ownership team and continues to help the Agency in a consulting role.  Don Backland, after a 44-year career at the Agency, transferred his equity to Tom Rogers, Greg Arnold and Nicole Martorana.  These three principals, along with Martorana and Mark Cuddy, have the Agency well-positioned for continued success and growth in the future.

Murray announced that for the 6th consecutive year the Bristol County Savings Charitable Foundation (BCSCF) contributed more than $1.0 million to non-profits within the areas the Bank serves, donating $1.7 million in FY2015.  In addition, 57 Bank officers were involved in a leadership capacity at 124 organizations in the Bank’s service area.

Lastly, Joan McFaul, Senior Vice President/CIO at Southcoast Health System in New Bedford, Massachusetts, was named a Corporator and elected to a 10-year term. McFaul resides in Mattapoisett, Massachusetts.