Bristol County Saving Bank Provides Financing to Village at Potter Pond, LLC in South Kingstown

TAUNTON, MA, July 10, 2015 — Bristol County Savings Bank (BCSB), headquartered in Taunton, Massachusetts, recently provided $4.6 million in financing to Village at Potter Pond, LLC. The Bank assisted 46 founding members of the organization with the purchase of approximately 10 acres of land adjacent to Potter Pond in South Kingstown, Rhode Island. Formerly known as Wakamo Park, a land-leased summer community, the “Village at Potter Pond” property in the heart of East Matunuck contains 72 summer cottages most of which are privately owned by each member.

Financing comes in light of the organization’s opportunity to purchase the land. Prior to purchase, all members were leasing the parcel from the seller with one-year lease terms. The purchase of the property ensures residents stability and full control. “As a community bank, we are pleased to establish a new relationship with this wonderful ‘community’ and help give its residents some peace-of-mind,” said Patrick J. Murray, President and CEO of Bristol County Saving Bank.

The property is perfectly situated with great views over Potter Pond and access to the pond for kayaking, canoeing and fishing while also being within walking distance to East Matunuck State Beach. An Open House is scheduled at the Village at Potter Pond for this Saturday, July 11th from 10:00 a.m. – 3:00 p.m.

Bristol County Savings Bank’s Rhode Island Commercial Lending Group provides a full suite of commercial and industrial lending, commercial real estate financing and cash management services. With over $1.2 billion in total loans throughout Rhode Island and southeastern Massachusetts, Bristol County Savings Banks provides a wealth of experience with financing packages ranging from $100,000 to $20M. For more information, contact Steve Hardy, Senior Vice President – RI Team Leader at 508-223-5204.

Village at Potter Pond Background Information:

The Village at Potter Pond, LLC (VPP or “Village”) was formed in 2014 by members of the Wakamo Park Homeowners Association (WPHOA) to secure the purchase of Wakamo Park. The VPP consists solely of WPHOA members. The VPP owns the land and private homeowners lease the land from the VPP.

Although leases are still yearly, homeowner-members of the VPP no longer need to worry about losing their home to an outside entity or not having their lease renewed. Purchasing a property from VPP in the Village automatically requires a VPP member buy-in. This secures one’s interest in the VPP and gives that homeowner a voice in their future at the Village. For more information regarding the Village and availability, contact Joe D’Orso at joedorso@hotmail.com.

Bristol County Savings Bank Background Information:

Bristol County Savings Bank, founded in 1846, is a full-service financial institution offering commercial lending, personal and business banking, and mortgage services. The Bank’s Financial Advisory Services division has successfully assisted businesses, individuals and non-profits with the management of their assets since 1989. In addition, the Bank also offers quality property and casualty insurance options for its customers through its majority-owned insurance partner, FBinsure.

The Bank’s steady growth and expansion has resulted in $1.6 billion in assets and over 400 employees in southeastern Massachusetts and Rhode Island. The key words at Bristol County Savings Bank are: “Commitment, Stability, and Community,” values that are combined with state-of-the-art technology to meet the needs of its customers. A dedicated local community bank for over 168 years, Bristol County Savings Bank is actively involved in giving back to all the communities it serves both through financial support and the volunteerism of its people.

The Main Office and Corporate Headquarters of Bristol County Savings Bank are located on Broadway in Taunton, Massachusetts. For additional information, please call 508-824-6626 or visit www.bristolcountysavings.com.

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