Abington Savings Bank reports acquisition of Holbrook branch of The First National Bank of Boston.ABINGTON Abington, township (1990 pop. 59,084), Montgomery co., SE Pa., a residential suburb of Philadelphia; settled 1696, inc. 1906. The site of combat during the Revolutionary War, Abington has abrasives and other light manufacturing industries. , Mass.--(BUSINESS WIRE)--June 27, 1995--Abington Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. :ABBK) today announced that it has completed its purchase of certain assets and liabilities from The First National Bank of Boston's branch office located at 778 S. Franklin St., Holbrook, Mass. as of the close of business on Friday, June 23, 1995. James P. McDonough, Abington Savings Bank's president and chief executive officer, said: "I would like to welcome all of Bank of Boston's Holbrook customers. All of us at Abington Savings Bank look forward to the opportunity to serve your banking needs." McDonough also added, "the $16 million deposit portfolio will be a nice addition to the bank's growing deposit base." Abington Savings Bank is a Massachusetts-chartered savings bank whose deposits are insured by the Federal Deposit Insurance Corp. and the Depositors Insurance Fund The Depositors Insurance Fund was created by the state government of Massachusetts in response to the large number of Massachusetts bank failures during the Great Depression. The Federal Deposit Insurance Corporation was inspired by this fund. . In addition to its Headquarters and Loan Center in Abington, the bank has five other branches in Halifax, Hull, Kingston, Pembroke and Whitman and a Mortgage Office in Barnstable Village, Mass. -0- Abington Savings Bank is quoted on the NASDAQ National Market System, Symbol ABBK. Corporate office: 533 Washington St., P.O. Box 2006, Abington, Mass. 02351 (617) 982-3200 CONTACT: Abington Savings Bank Edward J. Merritt, 617/982-3271 |
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