Blue Hills Bank, headquartered in Hyde Park section of Boston with $1.2 billion in assets, announced a deal on Monday to purchase Nantucket Bank, a division of Sovereign Bank and the oldest bank on the island. The purchase price was not disclosed.
According to Blue Hills Bank, it will purchase three branch offices and all of the deposits and certain local commercial and consumer loans.
Funny thing about Nantucket Bank. Sovereign, which is owned by the Spanish bank Santander, bought it, honored the Island by not-rebranding it and then cited the failure to integrate as one of their reasons for selling it.
William Parent, the president and chief executive officer of Blue Hills said, “When you’re looking to grow, you would love to grow in contiguous markets, but the opportunities don’t always present themselves.”
Nantucket Bank will operate as a division of Blue Hills Bank, which will have more than $1.5 billion in assets and nine branches in eastern Massachusetts and the islands when the acquisition is completed. Blue Hills is acquiring about $265 million in deposits and about $100 million in loans with this purchase.
In January, Hingham Institution for Savings opened a branch on Nantucket in order to serve a number of clients who own second homes there.
Blue Hills Bank primarily serves customers in Hyde Park, Brookline, Dedham, Norwood and West Roxbury.
Nantucket Bank has served the island for more than 175 years.
Sovereign/Santander is one of world's oldest banks.
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