Merger Announcement

Affilliated Community Bancorp, Waltham, MA has agreed to sell its subsidiary, Middlesex Bank & Trust Company, Newton, MA, to William R. Berkley for approximately $8.2 million. The transaction, which is subject to regulatory approval, is expected to be completed in the second or third quarter. As of June 30, 1997, Affiliated Community Bancorp, parent company of Federal Savings Bank, Waltham, MA, Lexington Savings Bank, Lexington, MA, and Middlesex Bank & Trust, had total deposits of $677.6 million and ranked 18th among all commercial banking and thrift organizations in Massachusetts. (SNL Weekly BankFax, 5/4/98)

Merger Completions

On May 22, Rhode Island Hospital Trust National Bank, Providence, RI merged with BankBoston, NA, Boston, MA, under the charter and title of BankBoston, NA. As of June 30, 1997, BankBoston Corporation, Boston, MA, parent company of BankBoston, NA, Rhode Island Hospital Trust, Bank of Boston Connecticut, Waterbury, CT, and BankBoston, Maine, South Portland, ME, had total deposits of $32.4 billion and ranked second among all commercial banking and thrift organizations in New England. (Internal Notice, 5/22/98)

Berkshire Bancorp, Pittsfield, MA has agreed to acquire three Massachusetts branches of Fleet Financial Group, Boston, MA. The branches have approximately $81 million in deposits and $18 million in consumer and commercial loans. The transaction is expected to be completed in the third quarter. As of June 30, 1997, Berkshire Bancorp, parent company of Berkshire Bank, Pittsfield, MA, had total deposits of $542.7 million and ranked 25th among all commercial banking and thrift organizations in Massachusetts. As of the same date, Fleet Financial Group had total Massachusetts deposits of $17.0 billion and ranked second.

Citizens Financial Group, Providence, RI has entered into a definitive agreement to buy four branches of Branford Savings Bank, Branford, CT for approximately $6 million. As of June 30, 1997, Royal Bank of Scotland PLC, Edinburgh, Scotland, parent company of Citizens Financial Group, had total Connecticut deposits of $1.3 billion and ranked ninth among all commercial banking and thrift organizations. As of the same date, North Fork Bancorp, Melville, NY, parent company of Branford Savings Bank, had total Connecticut deposits of $165.0 million and ranked 47th.

On April 18, Savings Institute, Willimantic, CT purchased the Willimantic, CT branch of New London Trust, FSB, New London, NH. The branch has approximately $3.5 million in deposits. As of June 30, 1997, Savings Institute had total deposits of $250.6 million and ranked 36th among all commercial banking and thrift organizations in Connecticut. As of the same date, New London Trust had total Connecticut deposits of $113.0 million and ranked 59th. (Internal Notice, 5/22; SNL Weekly BankFax, 5/4/98)

On April 9, Everett Savings Bank, Everett, MA changed its name to Eagle Bank. As of June 30, 1997, Everett Savings Bank had total deposits of $247.5 million and ranked 63rd among all commercial banking and thrift organizations in Massachusetts. (Internal Notice, 4/9/98)

Seacoast Financial Services Corporation, New Bedford, MA has proposed to become the holding company for Compass Bank for Savings, New Bedford, MA. As of June 30, 1997, 1855 Bancorp, New Bedford, MA, parent company of Compass Bank for Savings, had total deposits of $925.5 million and ranked 12th among all commercial banking and thrift organizations in Massachusetts. (SNL Weekly BankFax, 5/26/98)

Fleet Financial Group, Boston, MA has announced that it is closing its loan processing center in Atlanta, GA. The center, which processed loans originated by Fleet's mortgage subsidiary in South Carolina, is being closed because most of the company's mortgages originate in the Northeast. (SNL Weekly BankFax, 5/4/98)

People's to Buy Insurance Firm People's Bank, Bridgeport, CT has agreed to acquire R.C. Knox and Company, Hartford, CT, a multi-line insurance agent. The transaction is expected to be completed by June 30. As of June 30, 1997, People's Mutual Holdings, Bridgeport, CT, parent company of People's Bank, had total deposits of $5.6 billion and ranked second among all commercial banking and thrift organizations in Connecticut. (SNL Weekly BankFax, 5/18/98)

Investors to Buy Fund Services Firm

Items in Bank Notes focused on developments affecting banking structure in New England. They were condensed from daily newspapers and press releases from federal and state financial regulatory agencies. Their reproduction does not imply our endorsement of the accuracy, opinions or policies reflected in the subject matter.Items in Bank Notes focused on developments affecting banking structure in New England. They were condensed from daily newspapers and press releases from federal and state financial regulatory agencies. Their reproduction does not imply our endorsement of the accuracy, opinions or policies reflected in the subject matter.