Eastern News

Meet New England’s 125-Year-Old Startup

How Belmont Savings Bank increased year-over-year earnings by more than 50 percent — without acquisitions.

By Alaina Webster, Managing Editor

Learning that his community-focused Belmont Savings Bank was listed in Fortune magazine’s 2017 list of “100 Fastest Growing Companies” came as something of a shock for President and CEO Robert “Bob” Mahoney.

“I said, ‘Oh, really? The fastest growing 100 companies in New England?’”

No, Fortune’s representative corrected him, “This is the fastest growing 100 companies in America … You’re number 41.” (What’s more, the bank recently made the list again in 2018.)


OceanFirst Financial to Acquire Capital Bank of New Jersey

Nov. 1 — OceanFirst Financial Corp., parent company of OceanFirst Bank N.A., Red Bank, N.J., and Capital Bank of New Jersey, Vineland, jointly announced a definitive agreement pursuant to which Capital Bank will merge into OceanFirst Bank in an all-stock transaction. The transaction is valued at approximately $31.33 per Capital Bank common share or approximately $80 million in the aggregate (including options) based on OceanFirst’s closing stock price of $25.06 as of Oct. 25.


Ohio Is Open for Blockchain Business

August 7 — Ohio became a supporter of blockchain-based businesses on Aug. 3, when Governor John Kasich signed legislation enabling new uses for this cutting-edge technology.

Ohio is one of the first states to adopt legislation recognizing the use of blockchain technology to transmit and store electronic records in a broad range of industries, from financial services to supply chain management, real estate and healthcare. The state believes blockchain’s benefits include greater security of information, reduced costs and faster transactions. Cryptocurrencies such as bitcoin are just one way that blockchain technology can be used.


Atlanta Fed Appoints Garratt to Nashville Branch Board of Directors

July 24 — John W. Garratt, executive vice president and chief financial officer of Dollar General Corporation, has been appointed to the board of directors of the Federal Reserve Bank of Atlanta’s Nashville Branch. Garratt’s term began June 7 and runs through December 31, 2020. He is filling an unexpired term.


Citizens Financial Rolls out Direct-to-Consumer Digital Bank

July 10 — Providence, R.I-headquartered Citizens Financial Group Inc. has announced that it will launch Citizens Access, a nationwide, direct-to-consumer digital bank. The online platform will offer deposit products designed to serve digitally-savvy customers.


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