Affiliated Bancorp announces plans for Newton de novo bank.WALTHAM, Mass.--(BUSINESS WIRE)--Dec. 6, 1996--Affiliated Community Bancorp Inc. (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 :AFCB AFCB ARC Fault Circuit Breaker AFCB Ahwatukee Foothills Concert Band (Phoenix, AZ) AFCB Authorized Function Control Block ) today announced its plans to enter the Newton Massachusetts market during 1997 through a de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. bank. The current intention is to provide the initial capitalization for Middlesex Bank and Trust Co. (in Organizations). These plans are subject to the parties entering into a definitive agreement and receipt of the necessary regulatory approvals. The city of Newton, a major Middlesex County For the traditional county of England, see Middlesex. For other uses, see Middlesex (disambiguation). Middlesex County is the name of six counties in North America:
Middlesex Bank and Trust Co. (in Organization), which is in the process of organizing and has not yet received the necessary regulatory authorization to commence business, is headed by C. Bernard Fulp, president and chief executive officer. Fulp is a former community banking executive of the Bank of New England and a resident of Newton for the past 25 years. Timothy J. Hansberry, president and chief executive officer of AFCB said, "Newton has always represented an excellent potential expansion for us. The banking industry consolidation has left Newton without a `hometown' commercial bank and, in our view, a void in the city's infrastructure. We are pleased to be addressing that void. This possibility of doing just that with Middlesex Bank and Trust Co. (in Organization) as our third community bank is very exciting." Affiliated Community Bancorp Inc. is the parent company of Lexington 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. and The Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks (headquartered in Waltham). These banks have eleven offices in seven contiguous Middlesex County communities. At Sept. 30, 1996, AFCB had total assets of $1 billion with loans and deposits of $612 million and $637 million respectively. CONTACT: Affiliated Community Bancorp John G. Fallon, 617/894-6810 x.399 James A. Morgan, 617/894-6810 x.284 |
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