Blue Hills Bank
| Company type | Public (Blue Hills Bancorp, Inc.) |
|---|---|
| Industry | Banking |
| Predecessor | Hyde Park Savings Bank |
| Founded | 1871 |
| Defunct | 2019 |
| Fate | Acquired by Rockland Trust |
| Headquarters | Massachusetts , United States |
Area served | Massachusetts |
| Products | Consumer banking, commercial banking |
Blue Hills Bank was a financial institution headquartered in Massachusetts, originally known as Hyde Park Savings Bank until its rebranding in 2011. The bank maintained a network of 11 branches solely within the state of Massachusetts.
History
Established and incorporated in 1871, Hyde Park Savings Bank appointed Charles F. Gerry as its inaugural president. The bank's initial location was within Hyde Park town hall, but due to fire incidents and expansion needs, it relocated multiple times, ultimately settling into a newly constructed facility in Everett Square by 1899.
During the economic turmoil of the Panic of 1873 and the subsequent Long Depression, the bank operated under constraints imposed by the "Stay Law of 1878," though it resumed standard banking activities by 1880.
In November 2011, the institution adopted the Blue Hills Bank name to reflect a strategic initiative aimed at broadening its consumer banking services and introducing commercial banking offerings.
By December 2013, Blue Hills Bank had acquired the naming rights for the Blue Hills Bank Pavilion, an open-air concert venue situated along Boston’s waterfront.
The bank further expanded its footprint through acquisition in January 2014 by purchasing three branches formerly owned by Nantucket Bank from Sovereign Bank.
Blue Hills Bancorp, Inc. became a publicly traded company following its initial public offering on July 21, 2014.
To enhance its urban market presence, the bank inaugurated a new branch in downtown Boston in 2016.
In September 2018, Blue Hills Bancorp revealed its intention to be acquired by Rockland Trust. The transaction was finalized on June 10, 2019, with all Blue Hills Bank customer accounts transitioning to Rockland Trust.