FirstFed Savings Bank is seen on Sullivan Drive in Fall
River.
Herald News Photo by OMAR BRADLEY
At that time, FirstFed Chairman, President and Chief Executive Officer Robert F. Stoico stated, "We are very pleased to announce our proposed acquisition of People's Bancshares Inc. This merger represents a natural extension of our franchise and significantly enhances our presence in southeastern New England.
"When combined with our ongoing expansion in Rhode Island, the transaction further solidifies FirstFed's position as one of the region's premier community banks," he continued.
Five short months later, the merger has been consummated. Shareholders of both companies overwhelmingly approved the merger at meetings held Feb. 4, and regulatory approval was attained shortly thereafter.
Once systems, operating and accounting conversions, which are planned for the second calendar quarter of 2002, are complete, People's customers will have access to the full range of FirstFed's products and services.
FirstFed offers traditional banking products, online banking for personal and business customers as well as competitive business banking services.
Through FirstFed Insurance Agency LLC, which is licensed in Massachusetts, Rhode Island and Connecticut, the company sells insurance products at all of its locations and via www.firstfedinsurance.com
FirstFed Trust Co. NA offers comprehensive trust, estate and investment management products and services.
Company officials also noted that its plans for a summer opening of its previously announced East Greenwich, R.I., banking and insurance office remain on track.
Once that office opens, FirstFed will have 26 banking offices and 31 ATMs throughout southeastern Massachusetts and Rhode Island. They have five loan origination centers serving Massachusetts, Rhode Island and Connecticut.
People's Mortgage Corp., a subsidiary of FirstFed, provides mortgage and consumer loans through nine locations in New England and the mid-Atlantic Region.
For more information, visit www.firstfedamerica.com.
