Citizens~Union Savings Bank and Bank of Fall River announce merger agreement

Published on Monday, August 23, 2010

Citizens~Union Savings Bank and Bank of Fall River, both of Fall River, Mass., have agreed to merge.

The merger was approved August 22 by the trustees and directors of both banks and is anticipated to close at year-end 2010, subject to receipt of required regulatory and other approvals. After the consummation of the merger, Bank of Fall River will operate as a division of Citizens~Union Savings Bank until the information systems of the two institutions are integrated. Systems integration completion is expected in early 2011.

When finalized, the merger will result in a combined bank with approximately $861 million in assets, $680 million in deposits and 250 employees serving both consumers and businesses through a 14-branch network covering the South Coast from Seekonk to Fairhaven.

The combination of Citizens~Union Savings Bank and Bank of Fall River will create an even stronger local, mutual savings bank committed to serving and investing in the community.

“Citizens~Union shares our commitment to the community as well as to customers. Combining our resources will ultimately make the franchise stronger and will allow us to offer a wider array of products and services to compete more effectively in this very competitive market,” said John Clifford, president and CEO of Bank of Fall River.

“Each bank has been very successful on its own, but together we can leverage our commitment to providing an increased level of service to a larger group of our customers,” said Nicholas Christ, president and CEO of Citizens~Union Savings Bank.

Upon completion of the merger, Nicholas Christ will remain president and CEO of Citizens~Union Savings Bank. John Clifford has decided not to join the merged institution.

No Bank of Fall River branch offices will be closed as a result of the merger. No jobs are expected to be lost as a result of the merger. “Providing exceptional service to customers is a top priority so ensuring stability will enable both banks to maintain their high levels of service,” said Christ. “This partnership will also increase our existing geographic footprint by adding branches in both Fairhaven and Dighton, not to mention an even stronger presence in Fall River.”

Citizens~Union Savings Bank, already a major contributor to the community, plans to increase its corporate giving after the merger.


About Citizens-Union Savings Bank
Citizens~Union Savings Bank is a mutually-owned savings bank which was chartered in 1851. Currently, the Bank has nine offices in southeastern Massachusetts and Rhode Island, with four locations in Fall River as well as in New Bedford, Seekonk, Somerset, Swansea, and Tiverton, RI. In September, the Bank will open a branch on Ashley Boulevard in New Bedford, increasing its total number of offices to ten. Upon completion of the merger with Bank of Fall River, Citizens-Union Savings Bank will increase its Fall River presence with two additional locations, as well as a branch in North Dighton and another in Fairhaven. Citizens-Union Bank offers a wide range of financial services including investment management, trust services, and insurance and brokerage services to consumers and businesses. Its affiliates include Citizens~Union Financial Services, offering stocks, bonds, mutual funds, annuities and college savings plans; and Partners Insurance Group, LLC, an independent agency representing several insurance companies that provide automobile, home, life and business coverage. Nicholas Christ is the Bank’s President and Chief Executive Officer. Main headquarters are at 4 South Main Street, Fall River, MA 02721. For additional information on the Bank or its services, please call 508-678-7641 or visit www.citizensunionbank.com.

Bank of Fall River, a mutually owned cooperative bank chartered in 1888, offers an array of deposit and loan products and services to both consumers and businesses through four banking offices.