In 1995, Bank of Boston announced a merger with BayBank, another local financial institution. Although still smaller than its failed takeover targets earlier in the decade, BayBank had a strong retail banking operation, with 205 branches and over a thousand ATMs. Baybanks was founded in 1928 when a Massachusetts asset manager with controlling stakes in nine banks reorganized itself as Old Colony Trust. After successfully weathering the Great Depression, Old Colony Trust changed its name to Baystate Corporation. This reflected the widening scope of operations and services the firm provided throughout Massachusetts. In the 1950s and 1960s, Baystate engaged in an aggressive acquisitions strategy and bought more than 40 banks. In 1976 the bank's name was changed from Baystate to BayBanks, Inc. BayBanks derived 80 percent of its revenues from its retail business, with 31% of households in eastern Massachusetts, and 25% across the entire state, having at least one BayBanks account.