Belmont Savings Bank Announces Consolidation of Local Branches
Bank Points to Seamless Transition, Continued Growth Plan
BELMONT, Mass., Oct. 17, 2013 /PRNewswire/ -- Belmont Savings Bank (the "Bank"), a state-chartered savings bank headquartered in Belmont, Massachusetts, and the wholly owned subsidiary of BSB Bancorp, Inc. (NASDAQ-BLMT), announced it will close its Cushing Square branch at 78 Trapelo Road on January 18, 2014. In a letter, the Bank said it expects no disruption in service and that, for the convenience of its customers, all accounts will be automatically transferred to the 277 Trapelo Road branch located less than half of a mile away. The Bank also confirmed that all Cushing Square staff members will remain with the Bank, serving customers at other neighboring locations.
According to Robert Mahoney, President and CEO of Belmont Savings Bank, "The decision to close the Cushing Square branch was a practical one, given its close proximity to two other full service Belmont Savings Bank branches. This change will allow us to continue to offer great service, competitive products and pursue our growth strategy which includes new markets. Belmont Savings remains committed to serving the residents and businesses in Belmont for years to come," said Mahoney.
Earlier this year, Belmont Savings opened two full service in-store branches inside Shaw's Supermarkets in nearby towns: one at the Star Market located at 699 Mount Auburn Street in Cambridge, and another at 33 Austin Street in Newtonville. The Star Market branch in Cambridge is located down the road and is less than a mile and a half from 78 Trapelo Road.
About Belmont Savings Bank
Belmont Savings Bank is a $909 million, full-service Massachusetts savings bank dedicated to quality, convenience, and personalized service. The Bank builds on a proud history of financial strength and a tradition of active involvement in the community. Belmont Savings Bank provides a full range of banking services for professional commercial real estate investors, developers and managers as well as individuals and local small business owners through full-service branches in Belmont, Cambridge, Newton, Waltham and Watertown. Find out more information by visiting: https://www.belmontsavings.com or Like Belmont Savings on Facebook at http://www.facebook.com/BelmontSavingsBank. Member FDIC. Member DIF.
Certain statements herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on the beliefs and expectations of management, as well as the assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions. As a result, actual results may differ from those contemplated by these statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the businesses in which the Company is engaged, changes in the securities market, and other factors that may be described in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking statements, whether in response to new information, future events or otherwise, except as may be required by law.
Contact: Andy Hoglund
SOURCE Belmont Savings Bank
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