At the May 13, 2025 Annual Meeting of Bristol County Savings Bank, a wholly-owned subsidiary of Beacon Bancorp, Pat Murray, Chairman of the Board, highlighted the importance of strength and vision while he reported on a successful year that included a strategically executed leadership succession plan. Murray emphasized the commitment of the Board and the Bank’s leadership team to continue, “moving forward, while giving back.”

John Silva, President and CEO of Bristol County Savings Bank, specifically recognized Pat Murray for the invaluable role he has played in guiding the Bank to its current position of strength. “Pat’s leadership and guidance have been instrumental in laying the strong foundation for our continued success, and I am deeply grateful for his mentorship, continued support and the legacy he leaves behind.” In 2024, Murray was elected Chairman of the Board of Trustees and transitioned his former role of President and CEO to John Silva.

Silva also highlighted the Bank’s commitment to community support and its renewed strategic direction for the Bank’s Charitable Foundation that includes streamlining the grant approval process and realigning the Foundation Board to better serve its mission. The Bank’s Board of Directors formally adopted a community dividend policy that allocates a minimum of 10% of profits from operations back to its Charitable Foundation.

Bristol County Savings Charitable Foundation contributed a record $2.9 million to 265 community organizations within the communities the Bank serves in fiscal year 2024, making it the fifth consecutive year the Foundation has surpassed the $2 million milestone and the fifteenth consecutive year the Foundation has awarded more than $1 million in local support. The Foundation has committed over $33.6 million to local community organizations since its inception in 1996. The Bank was recognized by the Boston Business Journal again this year, ranking as the 35th most philanthropic company in Massachusetts.

Dennis Leahy, Treasurer of Beacon Bancorp and 1st EVP, Chief Operating Officer of Bristol County Savings Bank, reported that the Bank ended the year in a position of strength with an equity capital position that is industry-leading, placing the Bank near the top of all banks doing business in Massachusetts and Rhode Island. The Bank’s on-balance total equity stood at $445 million as of December 31, 2024. Leahy noted that “Capital is key for a mutual community bank…and it sets the stage for a prosperous future.” The Bank’s total consolidated assets were at $3 billion at the end of 2024, and the Bank’s loan portfolio stood at a historical high of $2.4 billion, an increase of $90 million over the prior year. The Bank finished the fiscal year ending on December 31, 2024 with bottom line net income after taxes of just over $14 million.

Lou Ricciardi, President & Chief Executive Officer of Bristol Wealth Group (BWG), an affiliate of Bristol County Savings Bank, noted that 2024 was a year of significant transition as their team officially moved Bristol Wealth Group to the independent Registered Investment Advisor (RIA) platform maintained by Charles Schwab. BWG continued to add new relationships throughout 2024, even during the transition. Bristol Wealth Group’s Assets Under Management (AUM) on December 31, 2024 were $940 million. The net operating revenue increased 9.7% to $4 million in 2024.

Vernon Miles, President of Milestone Mortgage Solutions, LLC, another affiliate of Bristol County Savings Bank, reported that the company successfully closed nearly 750 loans in FY 2024, facilitating $314 million in loan volume which culminated in a successful year despite economic turbulence and rising interest rates. Marking its 5-year anniversary in 2024, Milestone Mortgage Solutions solidified its position as #1 Mortgage Broker in Massachusetts for the third consecutive year.

New Corporator Announcement:

Michael Benevides, Vice President of Business Development at Portugalia Marketplace in Fall River, Massachusetts was elected as a new Corporator at the Annual Meeting for a term of ten years.

Bristol County Savings Bank Background Information: Bristol County Savings Bank, a state- chartered trust company and wholly-owned subsidiary of Beacon Bancorp, is a full-service banking institution with approximately $3.1 billion in assets. Founded in 1846, Bristol County Savings Bank has expanded its branch network to include 16 full-service offices in Attleboro, Dartmouth, East Freetown, Fall River, Franklin, New Bedford, North Attleboro, Raynham, Rehoboth and Taunton, Massachusetts, and Cumberland, Greenville and Pawtucket, Rhode Island, as well as a Lending Center in Providence, Rhode Island. The Bank also operates limited-service educational branches at Taunton and Attleboro High Schools. In addition to traditional banking services, Bristol County Savings Bank offers wealth management services and mortgage brokerage assistance through its affiliates Bristol Wealth Group and Milestone Mortgage Solutions LLC, respectively. The Main Office and Corporate Headquarters of Bristol County Savings Bank are located on Broadway in Taunton, Massachusetts. For more information on Bristol County Savings Bank, visit www.bristolcountysavings.com.