Magazine article American Banker

Century of Mass. to Buy A Rival's Branch, Deposits

Magazine article American Banker

Century of Mass. to Buy A Rival's Branch, Deposits

Article excerpt

Century Bancorp Inc. is taking advantage of a rival's change in strategy to bolster its own presence in two lucrative Boston-area markets.

The Medford, Mass., company said Monday that it had agreed to buy a suburban branch of the Boston-based Capital Crossing Bank, as well as most of the retail deposits of a second branch in downtown Boston.

The purchase would raise Century's presence in its two newest markets, the suburb of Chestnut Hill and the Boston financial district, where it opened a branch this summer. Century, with $1.4 billion of assets, opened two branches in Chestnut Hill in 2001.

Slated to close early next year, the deal would expand Century's $1 billion deposit base by 23%. The 32-year-old Century would get $233 million of Capital Crossing's retail deposits and $4 million of locally originated loans in the deal. Century did not say how much it would pay.

Capital Crossing would retain the Boston branch, as well as some retail deposits.

"It fits nicely into the territories we've entered, and Capital Crossing's customer base matches the type we serve already," said Paul V. Cusick Jr., Century's chief financial officer. "It's a good deal for us. We're very happy with it."

Nicholas W. Lazares, Capital Crossing's chairman and co-chief executive officer, agreed with that assessment. "It's a terrific purchase for them," he said.

For $852 million-asset Capital Crossing, the deal represents something of an about-face. …

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