Citizens Completes Grove Bank Acquisition.BOSTON--(BUSINESS WIRE)--March 5, 1997--Citizens Bank of Massachusetts The Bank of Massachusetts, founded in 1784 in Boston, Massachusetts, was the second-oldest bank in the United States. It is a predecessor to the modern Bank of America (merged 2005), through Bank of Boston (1903), BankBoston (1996) and FleetBoston Financial (1999). announces that yesterday it completed the acquisition of Grove Bank of Newton and Brookline, a transaction which expands Massachusetts' third largest bank further into Norfolk and Middlesex Counties, giving it $5 billion in assets and 75 branch offices. The acquisition, announced November 4, called for Citizens to acquire Grove for $51 a share, or $90.5 million. State and federal regulators and Grove shareholders have approved the transaction which also included Greater Boston Bank, acquired by Grove in January, 1997. Citizens Financial Group, Inc., parent of Citizens Bank, grows to approximately $16 billion with the completion of the transaction, the 45th largest bank holding company in the nation and the third largest in New England. "Grove's presence in Newton and Brookline fits well with our existing supercommunity commercial and retail franchise in neighboring communities and provides us with a strong foundation for future growth," said Citizens Bank of Massachusetts President and Chief Executive Officer Robert M. Mahoney. Grove is the fifth acquisition by Citizens in Massachusetts since late 1992. In all, Citizens has completed 10 acquisitions in Connecticut, Massachusetts, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). and Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. since 1992 in carrying out a growth strategy in which the company has nearly quadrupled in size, grown to more than 230 branches, and developed a presence from the Canadian border to Southeastern Connecticut. Grove Bank has approximately $770 million in assets and offices in Chestnut Hill, the Allston, Brighton, and Jamaica Plain sections of Boston, Brookline, Newton (2), Framingham and Stoughton. Depositors of Grove will continue to enjoy full deposit insurance coverage under the Massachusetts DIF (1) (Data Interchange Format) A standard file format for spreadsheet and other data structured in row and column form. Originally developed for VisiCalc, DIF is now under Lotus' jurisdiction. and the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). , which also insure deposits at Citizens. Citizens Bank of Massachusetts is a subsidiary of Citizens Financial Group, Inc., a $16 billion financial services company headquartered in Providence, RI, with more than 230 offices operating as Citizens Bank in Connecticut, Massachusetts, New Hampshire and Rhode Island. Citizens is 76.5 percent owned by The Royal Bank of Scotland
The Royal Bank of Scotland Plc (Scottish Gaelic: Banca Rìoghail na h-Alba plc, with the remainder held by Bank of Ireland This article is about the commercial banking company Bank of Ireland. For the central bank of the Republic of Ireland, see Central Bank of Ireland. The Bank of Ireland (Irish: Banc na hÉireann . CONTACT: Citizen's Bank of Massachusetts Arlene Fortunato, 617-422-8391 or James Dorsey, 401-455-5934 |
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