Business Services Industry
New Bedford, Mass.-Based CompassBank Expands Territory.
Knight Ridder/Tribune Business News, December, 2002
By David McPherson, Providence Journal, R.I. Knight Ridder/Tribune Business News
Dec. 21--CompassBank is moving north.
The New Bedford-based institution will move well beyond its Southeastern Massachusetts base under a proposed $138-million deal to buy a small Boston-area bank.
Seacoast Financial Services Corp. -- CompassBank's parent company -- announced Thursday night an agreement to buy Bay State Bancorp Inc. of Brookline, the parent company of Bay State Federal Savings Bank.
Bay State Federal is a small institution with just six branches and $563 million in assets, but the proposed acquisition is a bold move for Seacoast as it would expand Compass into new territory well outside its current market.
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