Accordingly, the Board has carefully considered the convenience and needs factor and the CRA performance records of Brookline Bank, FNBI, and BankRI in light of all the facts of record.
10) Brookline Bank, FNBI, and BankRI received "satisfactory" ratings at their most recent examinations for CRA performance by the Office of Thrift Supervision, the OCC, and the Federal Deposit Insurance Corporation, as of November 3, 2008, June 2, 2008, and June 25, 2010, respectively.
We've taken a number of steps to achieve our objectives of positioning the Bank as a premier community bank,' said Russell G Cole, president and CEO of FNBI
Russell Cole, president and chief executive officer of FNBI, added, "This deal recognizes the value of The First National Bank of Ipswich franchise, as we continue to serve the North Shore in the years to come.
Cole will continue to serve as president and chief executive officer of FNBI, and because there is no geographical overlap, all branch offices will be retained.
First Ipswich Bancorp (OTCBB: FIWC), the bank holding company for The First National Bank of Ipswich (FNBI), announced today that FNBI signed a purchase and assumption agreement with Hampshire First Bank for the sale of FNBI's Portsmouth branch office located at 77 Hanover Street.
Cole, President and CEO of FNBI, "This transaction is further evidence of our strategic commitment to increased efficiency and greater profitability.
Small banks like FNBI
are under increased regulatory and reporting requirements that adversely affect their profitability.