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holbrookcoop.com

Stage

Merger | Merged

About Holbrook Cooperative Bank

Holbrook Cooperative Bank, founded in 1888, provides personal, business, and online banking services, including checking, savings, CDs, mortgages, loans, deposit rates, and more.

Holbrook Cooperative Bank Headquarter Location

95 North Franklin Street

Holbrook, Massachusetts, 02343,

United States

781-767-1888

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Latest Holbrook Cooperative Bank News

Two South Shore banks agree to merger

Nov 17, 2016

Two South Shore banks are merging. David Allison Abington Bank and Holbrook Co-operative Bank have agreed to merge, creating a South Shore financial institution with $240 million in assets. The combined institution will take the name of Abington, the larger of the two banks with $135 million in assets. Each bank has one branch. The Holbrook location will operate as “Holbrook Cooperative Bank, an affiliate of Abington Bank.” Two South Shore banks are merging. David Allison Holbrook’s board of directors considered combinations with other banks but ultimately decided to partner with Abington, said Holbrook President and CEO Patrick Waters , who will stay on as executive vice president to Abington President and CEO Andrew Raczka . Abington shares Holbrook’s dedication to staying a mutual bank, and the two have similar customer bases, he said. The two institutions were pushed to merge in part because of the rising regulatory costs pressuring all small banks, according to Waters. “We’re a 128-year-old mutual bank, and if we want to be here for that period of time into the future, what we needed to do was make ourselves more sustainable and more viable,” Waters said. The deal will enable the combined bank to consolidate back-office, compliance, information technology and other functions. The two towns neighbor one another, and the two banks hold the most deposits in their respective municipalities. Abington is also home to HarborOne (Nasdaq: HONE), Santander, Bank of America (NYSE: BAC), Rockland Trust (Nasdaq: INDB) and Citizens Bank (NYSE: CFG) offices. Holbrook contains branches for Randolph Savings (Nasdaq: RNDB), Santander and Colonial Federal Savings Bank. Abington Bank has just over $100 million in outstanding loans, most of them in residential mortgages. Holbrook’s real estate loan portfolio is roughly equally split between mortgages and commercial real estate loans. Holbrook has done more commercial and industrial lending and individual lending outstanding than Abington has. Abington has been more profitable than Holbrook, earning nearly triple the pre-tax return on assets than Holbrook did through the first half of the year, according to the FDIC. According to Waters, the banks do not plan to make layoffs as a result of the merger, which is expected to close next year. As of mid-2016, Abington has the equivalent of 25 full-time employees, while Holbrook had 20 employees. Greg Ryan covers the financial services industry and law firms. Bizspace Spotlight

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