BAYBANK ASSUMES DEPOSITS OF SOUTHSTATE BANK FOR SAVINGS OF BROCKTON, MASS.
BAYBANK ASSUMES DEPOSITS OF SOUTHSTATE BANK FOR SAVINGS OF BROCKTON, MASS. BOSTON, April 24 /PRNewswire/ -- BayBanks, Inc. (NASDAQ: BBNK) announced today that BayBank, its largest subsidiary, has assumed the deposits of Southstate Bank for Savings of Brockton, Mass. with an aggregate balance of $270 million as of Dec. 31, 1991. Five of the offices of Southstate Bank for Savings will reopen on Monday as branches of BayBank. These offices include: In Brockton, 695 Crescent St.; 443 Belmont St.; 360 Oak St.; 2071 Main St. In Hingham, 86 South St. As a result of this transaction, customers of the Southstate Bank for Savings have automatically become depositors of BayBank. "We are pleased to have this opportunity to add to our presence in the communities of Brockton and Hingham and to expand our customer base in Weymouth," said Giles E. Mosher, Jr., president and chief executive officer of BayBank. "We will work hard to make Southstate Bank for Savings depositors thoroughly satisfied with their new relationship with BayBank." "This transaction reflects Baybanks' long-standing commitment to serve the banking needs of Massachusetts' consumers and businesses," said Mosher. "In a time of change in the financial services industry, we believe that the Massachusetts public should find a demonstration of this kind of financial strength and stability reassuring." Baybanks, Inc. is one of the largest bank holding companies in New England with total assets of more than $9.3 billion as of March 31, 1992. Through its more than 200 branch offices and over 1,000 BayBank X-Press 24 banking machines, BayBanks offers a complete range of retail and commercial banking services. -0- 4/24/92 /CONTACT: Giles E. Mosher, Jr., president and chief executive officer, BayBank, 617-273-1700/ (BBNK) CO: BayBanks, Inc.; Southstate Bank for Savings ST: Massachusetts IN: FIN SU: TNM
PB -- NE012 -- 2635 04/24/92 16:07 EDT
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|Date:||Apr 24, 1992|
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