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Bristol County Savings Bank Reports Substantial Growth and Several Milestones at 2017 Annual Meeting

TAUNTON, MA, May 16, 2017 — Having celebrated its 170th anniversary as a mutual financial institution last year, Dennis Kelly, Chairman of the Board of Bristol County Savings Bank, emphasized at the recent Annual Meeting of Beacon Bancorp that this milestone was achieved due to a long history of strong financial performance and an unwavering commitment to the communities the Bank serves.  The year 2016 was no exception as the Bank’s total assets stood at $1.9 billion as of fiscal year end 10/31/16, an increase of $141.2 million or 8% compared to the previous year.

“The Bank once again grew its total assets to a record number in 2016 while increasing retained earnings by $14.6 million or 6.4%,” said Kelly. “As a result, the Bank was able to realize a common equity tier one capital to risk assets ratio of 13.3% which is more than twice the regulatory minimum to be considered well capitalized.  In fact, our capital ratio places us in the top 10% of our peers in the state.”

The Bank experienced strong growth across all portfolios in both loans and core deposits. Taking advantage of improving consumer confidence and a strengthening economy, growth in commercial, residential & consumer and indirect loans rose by $125.5 million or 9.5% to a total of $1.5 billion in FY2016. Business, consumer and municipal deposits also grew to $1.5 billion, an increase of $146.1 million or 10.5% from the prior year.  Nearly 25% of the Bank’s total deposit growth in 2016 was generated from the Southcoast market. This overall strategic growth resulted in the Bank achieving a record high net interest income of $51.2 million.

The Bank also continued to diversify its revenue sources with $26.8 million in non-interest income, including $9.8 million in capital gains on investment and loan sales. In addition, the Bank’s majority-owned insurance company, FBinsure, as well as its Financial Advisory Services group, experienced record-level revenues last year which also contributed to a net income of more than $14.6 million in FY2016, another all-time operating performance high for the Bank.

Patrick J. Murray, Jr., President and CEO of Bristol County Savings Bank, discussed the Bank’s Strategic Areas of Focus and stressed that an emphasis on people, specifically customers, employees and the community, will continue to drive the Bank’s relationship banking model. “We are certainly proud of our financial success but what is most rewarding is that we continue to achieve it while building a full-service institution that continues to place an emphasis on mutuality, people and the communities we serve,” said Murray.  “This people-centric approach has been a major contributor to the Bank’s success over the years and there are no plans to change this focus.”

In addition, Murray announced that the Bristol County Savings Charitable Foundation, founded in 1996, contributed more than $1.7 million to non-profit organizations within the communities the Bank serves in FY2016, making it the seventh consecutive year the Fund has awarded more than $1 million in local support. The Foundation has donated over $17 million to area communities since its inception.

Chairman Kelly reported that Linda A. Bondenmann, EVP & COO of Southcoast Health System in New Bedford, Massachusetts was elected as a new Trustee and Corporator of Beacon Bancorp and Board Member of the Bank. She resides in Mattapoisett, Massachusetts.

The following were named Corporators and elected to 10-year terms:

Attleboro Area

Dennis F. Leahy, EVP, CFO & Treasurer for Bristol County Savings Bank and a resident of Attleboro, Massachusetts.

Rhode Island Area

Daria M. Kreher, Owner of Power To Change in North Kingstown, Rhode Island and a resident of North Kingstown as well.

Barbara J. Perino, a CPA at Andsager, Bartlett and Pieroni in East Providence, Rhode Island and a resident of Westerly, Rhode Island.

New Bedford Area

Kathleen Carney Larisa, Executive Director, Carney Family Charitable Foundation in New Bedford, Massachusetts and a resident of South Dartmouth, Massachusetts.