Blue Hills Bank, headquartered in Hyde Park and with $1.2 billion in assets, announced a deal Monday to purchase Nantucket Bank, a division of Sovereign Bank and the oldest bank on the island.
According to Blue Hills Bank, it will purchase three branch offices and all of the deposits and certain local commercial and consumer loans. Nantucket Bank will operate as a division of Blue Hills Bank, which will have more than $1.5 billion in assets and nine branches in eastern Massachusetts and the islands when the acquisition is completed.
Blue Hills Bank primarily serves customers in Hyde Park, Brookline, Dedham, Norwood and West Roxbury. Nantucket Bank has served the island for more than 175 years.