A key component of our growth strategy has been investment in our Residential Lending Division. We believe that helping people achieve their dreams of home ownership is at the heart of a strong community bank.
Stoughton, MA (PRWEB) September 02, 2015
Randolph Bancorp, the holding company of Randolph Savings Bank, announced today that it has entered into an agreement with First Eastern Bankshares Corporation to acquire it and its wholly-owned subsidiary First Federal Savings Bank of Boston (“First Federal Savings Bank”), which operates a mortgage banking division doing business as First Eastern Mortgage (“First Eastern”). In addition to First Eastern’s eight mortgage loan production offices concentrated in Eastern Massachusetts and a loan operations center located in Andover, MA that currently services $700 million in mortgage loans, First Federal Savings Bank operates a retail banking office in downtown Boston. First Federal Savings Bank will become part of Randolph Savings Bank and all of its employees will become Randolph Savings Bank employees. It is expected that the transaction will be completed at the end of 2015 or early 2016, and is subject to receipt of the required regulatory approvals.
Randolph Bancorp President and CEO James P. McDonough commented, “In 2014, the Randolph Savings Bank management team and Board of Directors developed and launched a five-year strategic plan. We knew that in order to meet the needs of our diverse customer base and to thrive as a community bank, we would need to grow prudently. A key component of our growth strategy has been investment in our Residential Lending Division. We believe that helping people achieve their dreams of home ownership is at the heart of a strong community bank. Our agreement with First Eastern, which has for over 30 years been successful in meeting the needs of mortgage clients in Eastern Massachusetts, will allow us to grow our mortgage business significantly while adding depth to our talented team of mortgage professionals. We look forward to welcoming customers of First Federal Savings Bank and serving their banking needs. We know they will benefit from the expanded line of products and convenient, technology-based services that Randolph Savings Bank offers.”
First Eastern Bankshares Corporation CEO Richard F. Kalagher said, “We have a proud history of putting our customers first. I am confident that we made the right decision in establishing this new partnership. The experience and expertise of our dedicated employees will make a valuable contribution to Randolph Savings Bank. As we look to complete this transaction I know our clients will be able to expect the first rate service they have known with us in Randolph Savings Bank. I am equally pleased that our retail banking customers will have access to the expanded products and technology-enabled services which Randolph Savings has been investing in as part of their focused growth strategy.”
When the transaction is completed, Randolph Savings Bank expects to originate over $500 million annually in new residential mortgage loans. As part of the transaction, Peter J. Fraser, long-time President of First Eastern, will lead the combined residential lending division with Ryan Kirwin, current SVP of Residential Lending at Randolph Savings. Mr. Fraser commented, “Speaking on behalf of the employees of First Eastern, we are excited about the opportunities presented to us in joining with Randolph Savings Bank and its strategic emphasis on the mortgage banking business. I look forward to working with Ryan as we endeavor to build a combined team relentlessly committed to exceeding our customers’ expectations as we help individuals and families find the loan that best meets their unique needs!”
About Randolph Savings:
With local management, local decision making, and local commitment, Randolph Savings Bank has been a part of the community for over 150 years. The Bank happily serves businesses, individuals, families, and homeowners with convenient online and mobile banking tools, five full service branches, and two lending centers. As of July 31, 2015, their assets totaled nearly $400 million. With innovative products and outstanding service, Randolph Savings is a great place to bank. For more details, visit RandolphSavings.com.
About First Eastern Mortgage:
First Eastern Mortgage has been serving our communities for over 30 years. The support of customers and expertise of employees has afforded them the growth and success they have experienced over the years. For that, their mission as a team has always been to offer a wide array of mortgage financing options to best suit the diverse needs of their customers within the communities they proudly serve. First Eastern Mortgage, a division of First Federal Savings Bank of Boston, operates out of eight locations throughout Eastern Massachusetts, Southern NH and New York. They have an operations center based out of Andover, MA and a retail branch office located on School Street in Boston along the historic Freedom Trail.