Admirals Bank

Oct 28, 2016

First Boston Holdings to acquire Admirals Bank By Eli Sherman First Boston Holdings has agreed to acquire Admirals Bank for an undisclosed amount of money. To continue reading this article, please do one of the following. You can purchase access to this single article, if you prefer. Friday, October 28, 2016 12:10 pm By Eli Sherman Admirals expands home lending options through FHA program (May 20, 2014) BOSTON – First Boston Holdings has agreed to acquire Admirals Bank for an undisclosed amount of money. The acquisition, expected to close in the beginning of next year, will result in the company changing its name to Bank & Trust Co. of Boston. Mark D. Thompson, an industry veteran of 35 years, will head the bank. He currently serves as president and CEO of First Boston Holdings. The financial institution plans to raise $100 million, according to an announcement, but did not disclose any other financial details related to the deal. Admirals, based in Boston, has a regional banking center in Providence and about 0.68 percent of the Rhode Island deposit market, according to the Federal Deposit Insurance Corp. As of June 30, Admirals reported $445.5 million in total assets, according to the FDIC. The newly formed bank expects to offer full-banking services and focus on individuals and families, nonprofits, small- and medium-sized businesses and professional service firms, according to the announcement. “We believe Boston needs its own premier bank with headquarters and roots right here in the city, with a sole strategic focus on serving the greater Boston region,” said Thompson in prepared remarks. Keywords