Blue Hills Bank

Last updated
Blue Hills Bancorp, Inc.
Company type Public
NYSE: BHBK
Russell 2000 Component
Industry Banking
PredecessorHyde Park Savings Bank
Founded1871;153 years ago (1871)
Headquarters Norwood, Massachusetts
Key people
[1]
RevenueIncrease2.svg $0.080 billion (2016) [1]
Increase2.svg $0.008 billion (2016) [1]
Total assets Increase2.svg $2.469 billion (2016) [1]
Total equity Decrease2.svg $0.386 billion (2016) [1]
Number of employees
228 [1]
Website www.bluehillsbank.com

Blue Hills Bank was a bank based in Hyde Park, Massachusetts. The bank was named Hyde Park Savings Bank until 2011. The bank had 11 branches, all of were are in Massachusetts. [1]

History

Hyde Park Savings Bank was organized on April 20, 1871 and incorporated on March 8, 1871. Charles F. Gerry was its first president. It opened for business on June 17, 1871. It was originally located in the selectmen's room of the Hyde Park town hall. On September 1, 1871 it moved to Hyde Park's Neponset Block, where it remained until the building was destroyed by fire on May 5, 1874. The bank relocated temporarily to the town office building in the Everett Block. A new bank building was constructed in 1875. [2] In 1899, the bank moved to a new building in Everett Square. [3]

The Panic of 1873 and the Long Depression led the Massachusetts State Bank Commission to place the bank under the restrictions of the "Stay Law of 1878", [4] which allowed the commissioners to limit the time and amount of payments to depositors whenever they deemed it necessary. [2] [5] On June 15, 1880, the bank was allowed to resume normal business. [2]

In November 2011, the bank changed its name to Blue Hills Bank and made management changes as part of its effort to expand its consumer business and launch a commercial banking line. [6]

In December 2013, the bank secured the naming rights to the Blue Hills Bank Pavilion, an outdoor music venue on the Boston waterfront. [7]

On January 18, 2014, the bank acquired Nantucket Bank's 3 branches from Sovereign Bank. [8]

On July 21, 2014, the bank became a public company via an initial public offering. [9]

In 2016, the bank opened a branch in downtown Boston. [10]

In September 2018, Blue Hills Bancorp, Inc. announced that it intended to be acquired in 2019 by Rockland Trust. [11] Blue Hills Bank accounts were transferred to Rockland Trust on June 10, 2019. [12]

Related Research Articles

<span class="mw-page-title-main">Comerica</span> American financial services company

Comerica Incorporated is an American financial services company, headquartered in Dallas, Texas. It is the parent of Comerica Bank, a regional commercial bank with 413 branches in the U.S. states of Texas, Michigan, California, Florida and Arizona. Comerica is among the largest U.S. financial holding companies, with offices in a number of U.S. cities.

<span class="mw-page-title-main">Citizens Financial Group</span> Eastern U.S. bank

Citizens Financial Group, Inc. is an American bank holding company, headquartered in Providence, Rhode Island. The company owns the bank Citizens Bank, N.A., which operates in the U.S. states of Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and Virginia, as well as Washington, DC.

TD Banknorth, formerly Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine. The bank became TD Bank, N.A. on May 31, 2008.

<span class="mw-page-title-main">BMO Bank</span> US bank

BMO Bank, N.A. is an American national bank that is headquartered in Chicago, Illinois. It is the U.S. subsidiary of the Toronto-based multinational investment bank and financial services company Bank of Montreal, which owns it through the holding company BMO Financial Corporation. In September 2023, it was the 8th largest bank in the United States by total assets.

<span class="mw-page-title-main">Old National Bank</span> American Regional Bank

Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago and Evansville, Indiana. With assets at $48.5 billion and 250 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 30 banking companies in the U.S. Its primary banking footprint is in Illinois, Indiana, Kentucky, Michigan, Minnesota, and Wisconsin.

Valley National Bancorp, doing business as Valley Bank, is a regional bank holding company headquartered in Morristown, New Jersey, with approximately $64 billion in assets. Its principal subsidiary, Valley National Bank, currently operates over 230 branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois. Valley Bank is one of the largest commercial banks headquartered in New Jersey.

Century Bank was a bank based in Massachusetts. It was founded in Somerville, Massachusetts in 1969 by Marshall M. Sloane and at one point became the state's largest family-run bank. Century Bank had over $6 billion in assets with 27 offices in 19 cities and towns in Massachusetts. Marshall’s son, Barry Sloane, sat as Chairman, President & CEO while Marshall’s daughter, Linda Sloane Kay, was the Bank’s Vice Chair. Century Bank was a lender to local businesses, municipalities, not-for-profit organizations and families. Headquartered in Medford, MA, Century Bank employed more than four hundred staff.

<span class="mw-page-title-main">New York Community Bank</span> US Bank

New York Community Bancorp, Inc. (NYCB), headquartered in Hicksville, New York, is a bank holding company for Flagstar Bank. In 2023, the bank operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida, Arizona and Wisconsin. Branches used to be operated under the names Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Arizona and Florida. However, they rebranded all of these under the Flagstar name on February 21, 2024. NYCB is on the list of largest banks in the United States and is one of the largest lenders in the New York City metro area.

<span class="mw-page-title-main">People's United Financial</span> American banking company

People's United Financial, Inc., was an American bank holding company that owned People's United Bank. The bank operated 403 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire. It was the second-largest full-service bank in New England, one of the largest in the northeast, and the 46th-largest in the United States.

<span class="mw-page-title-main">WesBanco</span> American bank holding company

WesBanco, Inc., is a bank holding company headquartered in Wheeling, West Virginia, United States. It has over 200 branches in West Virginia, Ohio, Western Pennsylvania, Kentucky, Maryland, and Southern Indiana.

<span class="mw-page-title-main">Leader Bank Pavilion</span> Amphitheater in Boston, Massachusetts, US

The Leader Bank Pavilion is an outdoor amphitheater located in Boston, Massachusetts, used for concerts. It seats 5,000. Its season runs from May until October. The venue originally opened in August 1994 near Fan Pier. Due to land rights, it closed at the end of its season in 1998 and the tensile structure was relocated to its current location in South Boston, where it reopened in July 1999.

Rockland Trust is a commercial bank based in Rockland, Massachusetts that serves Southeastern Massachusetts, Coastal Massachusetts, Cape Cod, and Boston's MetroWest. Established in 1907 as Rockland Trust Company. A wholly owned subsidiary of Independent Bank Corp., by October 2016, Rockland Trust had $7.5 billion in assets and employed around 1,000 people. By April 2022, Rockland Trust had $20 billion in assets and employed around 1,100 people.

<span class="mw-page-title-main">Hyde Park High School (Massachusetts)</span> Public high school in the United States

Hyde Park High School was a four-year public high school that served students in ninth through twelfth grades in the Boston neighborhood of Hyde Park, Massachusetts, United States. The school held its first classes in 1869, one year after the founding of the town of Hyde Park. The school was located at 655 Metropolitan Avenue from 1928 until its closure in 2005.

Eastern Bank is a bank based in Boston, Massachusetts. Before de-mutualizing in 2020, it was the oldest and largest mutual bank in the United States and the largest community bank in Massachusetts. With 95 branches, Eastern had a 3.2% market share in Massachusetts in 2016. It was founded in 1818 in Salem, and then moved to Lynn, Massachusetts. The company began an aggressive expansion campaign near the end of the 1990s and moved its headquarters to Boston's Financial District. In 2020, Eastern Bank announced plans to de-mutualize and become a publicly traded corporation.

Investors Bank was a publicly traded, full-service bank that was based in Short Hills, New Jersey, USA. The bank operated over 150 branches across New Jersey and New York.

<span class="mw-page-title-main">East Boston Savings Bank</span> Stock savings bank

East Boston Savings Bank was a Massachusetts-chartered stock savings bank founded in 1848. The company delivered a wide range of deposit and loan products through the operation of the bank. On April 22, 2021, Rockland Trust would be acquiring the bank.

<span class="mw-page-title-main">Dedham Institution for Savings</span> American bank

Dedham Savings is one of the oldest American banks still in operation and one of the oldest banks in the state of Massachusetts still doing business under its original charter.

Avidia Bank is a mutual community bank headquartered in Hudson, Massachusetts and founded in 2007. The bank was formed from a merger agreement between Hudson Savings Bank and Westborough Bank.

Berkshire Bank is an American bank headquartered in Boston, Massachusetts. It is a subsidiary of Berkshire Hills Bancorp, a bank holding company. The bank operates 130 branches in New England, New York and the Mid-Atlantic, and is the third largest regional bank headquartered in Massachusetts.

<span class="mw-page-title-main">The Savings Bank</span> State-chartered mutual bank headquartered in Wakefield, Massachusetts

The Savings Bank is a state-chartered mutual bank, headquartered in Wakefield, Massachusetts and founded in 1869. It is one of the oldest banks in the United States. The Savings Bank has over $780 million in assets, and 9 branches, serving residents of Wakefield, Lynnfield, Andover, Methuen, North Reading, and surrounding cities and towns. It is a wholly owned subsidiary of Wakefield Bancorp, MHC,

References

  1. 1 2 3 4 5 6 7 "Blue Hills Bancorp, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 3 Knight, Joseph King; Davis, Edmund; Humphry, Henry B. (1888). Memorial Sketch of Hyde Park, Mass., for the First Twenty Years. L. Barta & Company, Printers. pp.  54-55.
  3. Sammarco, Anthony Mitchell (2011). Hyde Park. Arcadia Publishing. p. 19. ISBN   9780738573960.
  4. The Bankers Magazine and Statistical Register. Warren, Gorham & Lamont. 1881.
  5. "History of Massachusetts Savings Institutions". The Bankers Magazine and Statistical Register. August 1899.
  6. Wallack, Todd (September 23, 2011). "Hyde Park Savings to change its name". The Boston Globe .
  7. Fernandes, Deirdre (December 14, 2013). "Blue Hills Bank gets its name on waterfront pavilion". The Boston Globe .
  8. Fernandes, Deirdre (August 5, 2013). "Blue Hills Bank to buy Nantucket Bank". The Boston Globe .
  9. "Blue Hills Bancorp, Inc. Completes Stock Offering" (Press release). Business Wire. July 21, 2014.
  10. Ryan, Greg (February 7, 2016). "Another bank stakes a claim to the Seaport". American City Business Journals .
  11. Ryan, Greg (March 27, 2019). "Rockland Trust to complete $727M Blue Hills deal next week". Boston Business Journal. Retrieved 9 April 2021.
  12. "Rockland Trust Welcomes Blue Hills Bank Customers". Business Wire. Berkshire Hathaway. June 10, 2019. Retrieved 9 April 2021.