The Globe 100
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| 2000 Globe 100 |
4. BOSTONFED BANCORP
Acquisition pays off for bank
he stars all lined up last year for Bostonfed Bancorp, helping the Burlington company to achieve record earnings and solid stock-market
Bostonfed was a beneficiary of wider market conditions, for one thing. In a year when the major market indexes took a beating, bank stocks fared relatively well.
But the biggest reasons behind Bostonfed's boom times were more specific.
Like many smaller banks in the region, Bostonfed picked up deposit and loan dollars from unhappy customers following the mergers of Fleet and BankBoston, on one hand, and Citizens and USTrust, on the other.
The late 1999 acquisition of Northboro-based Forward Financial Co. also paid off last year for Bostonfed.
The acquired company, which originates loans for manufactured homes, added more to BostonFed's bottom line than had been expected.
''We had a good year all around,'' said chief executive David Holland. ''The acquisition certainly spurred earnings.''
Whatever drove earnings, Wall Street took notice. In the 12 months through March 31, BostonFed's stock price more than doubled, from $11 a share to more than $23.
Bostonfed, a holding company, operates two banks: Boston Federal Savings Bank and Broadway National Bank.
Combined, the banks have 11 branch offices.
SCOTT BERNARD NELSON
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