Bristol County Savings Bank Holds 2023 Annual Meeting
The Bank’s consolidated total assets were $3.1 billion as of October 31, 2022. This represents an increase of $52 million, or approximately 2% over the prior year. The Bank achieved very strong results from lending activities during fiscal year 2022, with total loans (net of the allowance for loan losses) reaching $2.2 billion. This represents an increase of $164 million from October 31, 2021, or 8% of total loans. At this level of growth, the Bank’s loans to total assets ratio has returned to 72%, a benchmark that approximates pre-pandemic levels. Lastly, the Bank’s total equity capital was $371.6 million as of October 31, 2022, exceeding 12% of total assets. This strong level of capital places Bristol County Savings Bank well in excess of all minimum regulatory capital ratios for well-capitalized institutions.
Also at the meeting, Patrick J. Murray, Jr., President and CEO of Bristol County Savings Bank, announced that the Bristol County Savings Charitable Foundation contributed a record $2.3 million to 193 non-profit organizations within the communities the Bank serves in FY2022, making it the thirteenth consecutive year the Fund has awarded more than $1 million in local support. The Bank was named a Top Charitable Contributor in 2022 by Boston Business Journal for the sixth consecutive year. The Foundation has committed over $28 million to area communities since its inception in 1996.
View 2022 Annual Report here
The following were named Corporators and elected on Tuesday, May 9, 2023:
• Aimee B. Brewer, President & CEO, Sturdy Health in Attleboro and a resident of Saunderstown, Rhode Island.
• Vernon Miles, President, Milestone Mortgage Solutions in New Bedford and a resident of Dartmouth, Massachusetts.
• Brett M. Miller, CEO/Founder, Building Envelope Systems, LLC in Plainville and a resident of Norfolk, Massachusetts.
• Jay R. Peabody, Co-Managing Partner, Partridge Snow & Hahn LLP in Providence and a resident of Holliston, Massachusetts.
• Daniel J. Vieira, Attorney, Vieira & DiGiannfilippo Ltd. in South Easton and a resident of Wrentham, Massachusetts.
• Linda G. Weisinger, Executive Director, Pawtucket Central Falls Development Corporation in Pawtucket and a resident of Cranston, Rhode Island.
Bristol County Savings Bank Background Information:
Bristol County Savings Bank, a state-chartered mutual bank and wholly-owned subsidiary of Beacon Bancorp, is a full-service banking institution with approximately $3.1 billion in assets. Founded in 1846, Bristol County Savings Bank has expanded its branch network to include 16 full-service offices in Attleboro, Dartmouth, East Freetown, Fall River, Franklin, New Bedford, North Attleboro, Raynham, Rehoboth and Taunton, Massachusetts, and Cumberland, Greenville and Pawtucket, Rhode Island, as well as a Loan Center in Warwick, Rhode Island. The Bank also operates limited service educational branches at Taunton and Attleboro High Schools. In addition to traditional banking services, Bristol County Savings Bank offers wealth management services through its affiliate Bristol Wealth Group. The Main Office and Corporate Headquarters of Bristol County Savings Bank are located on Broadway in Taunton, Massachusetts. For more information on Bristol County Savings Bank, visit www.bristolcountysavings.com.