Plimoth Investment Advisors Acquires the Trust and Asset Management Division of Savings Institute Bank & Trust
22 March 2017 - 7:02AM
Savings Institute Bank & Trust and Massachusetts-based Plimoth
Investment Advisors today announced the execution of a definitive
agreement in which Plimoth Investment Advisors will acquire the
Trust and Asset Management division of Savings Institute Bank &
Trust.
Savings Institute Bank & Trust is a full
service community-oriented financial institution dedicated to
serving the needs of consumers and businesses since 1842, with
personal trust and asset management added in 1990. The bank
has always prided itself on its community roots, serving not only
as a financial institution, but also an active community citizen
and partner. The Trust and Asset Management division
currently serves approximately 300 clients in the region, with
total assets under management of approximately $120 million.
Savings Institute Bank & Trust President &
Chief Executive Officer Rheo A. Brouillard stated, “The bank was
pleased to find a like-minded community bank partner who, through
its investment advisory arm, will continue to provide the
personalized services our customers are accustomed to and also
enhance those services from its new location in Stonington.
Plimoth is also making a commitment to the community by opening
their new office and hiring the key client relationship personnel
that our clients have been working with over the years.”
Plimoth Investment Advisors, headquartered in
Plymouth, Massachusetts currently serves approximately 450 clients
in Southeastern Massachusetts with approximate assets under
management of $600 million. Plimoth Investment Advisors is
jointly owned by two Massachusetts-based mutual savings banks,
BayCoast Bank and Dedham Institution for Savings. “We are
pleased to work with Rheo and the team at Savings Institute Bank
and Trust to continue providing their clients with exceptional
investment and trust services,” said Steven A. Russo, President and
CEO of Plimoth Investment Advisors. “We look forward to
introducing and welcoming those clients to Plimoth. We are
equally excited to welcome Teresa Prue and Nicole (Hallisey) Dagle
to the Plimoth team and establishing our new home in Stonington,
CT.”
All existing Savings Institute Bank & Trust
customers and clients who have accounts with the Trust and Asset
Management division will be directly contacted in the coming weeks
by both organizations to communicate the details of the transition
process and address any questions to help ensure customer
satisfaction.
About Savings Institute Bank &
Trust Savings Institute Bank & Trust is a wholly owned
subsidiary of SI Financial Group, Inc. The Bank was
established in 1842 as a community oriented financial institution
headquartered in Willimantic, Connecticut with full service banking
offices serving eastern Connecticut and Rhode
Island.www.savingsinstitute.com
About Plimoth Investment Advisors
Plimoth Investment Advisors is a limited purpose trust company
wholly owned by two financially strong and well established
community savings banks based in Massachusetts; BayCoast Bank and
Dedham Institute for Savings. As a community bank owned
institution our corporate values of focusing on our client’s needs
and supporting the communities in which we operate mirror our owner
banks. Plimoth Investment Advisors will operate in four
primary locations: Swansea, Plymouth, and Dedham
Massachusetts, and the newly acquired location in Stonington,
Connecticut.www.plimothinvestmentadvisors.com
Catherine Pomerleau
Executive Assistant / Investor Relations Administrator
860-456-6514 / Email: investorrelations@banksi.com
Steven A. Russo
President & CEO
508-208-0460 / Email: srusso@pliadv.com
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