With Additional Deposit in Belmont Savings Bank, $252,750,000 Now On Tap for New Jobs
Treasurer Steven Grossman announced today that, due to an additional $5 million deposit added to Belmont Savings Bank’s existing deposit of $5 million, the Treasury’s Small Business Banking Partnership now has over a quarter billion dollars on deposit in 47 community banks across the Commonwealth.  The precise amount on deposit is $252,750,000.

With Additional Deposit in Belmont Savings Bank, $252,750,000 Now On Tap for New Jobs
Treasurer Steven Grossman announced today that, due to an additional $5 million deposit added to Belmont Savings Bank’s existing deposit of $5 million, the Treasury’s Small Business Banking Partnership now has over a quarter billion dollars on deposit in 47 community banks across the Commonwealth.  The precise amount on deposit is $252,750,000.

“The Small Business Banking Partnership has been a resounding success, and it’s a great example of an innovative public-private collaborative,” said Treasurer Grossman.  “By making deposits into community banks, we’re promoting loan activity to small creditworthy businesses and creating jobs, opportunity, and economic prosperity throughout the Commonwealth.”

 The Small Business Banking Partnership moves Treasury cash reserve funds typically held by large national and international financial institutions and deposits them in amounts of up to $10 million in Massachusetts banks.  In exchange for the infusion of new deposits, the banks sign a Memorandum of Understanding (MOU) signaling their intent to enhance their loan portfolios to small credit-worthy Massachusetts businesses.  According to the most recent reporting data, participating banks have made a total of 1,678 loans worth over $268 million, many of them directly attributable to the Partnership.        

            When it was created last year, the Partnership was envisioned as a $100 million program with a deposit limit of up to $5 million per bank.  Because of the overwhelmingly positive feedback that Treasury received from participating banks and the demonstrable increase in loan activity and job creation, the Partnership was expanded to allow more banks to participate and to increase the maximum deposit amount.  Participating banks are required to post their loan activity on their website every quarter, information that is also posted on the Treasury website.

            All deposits that the Treasury makes in these community banks are protected through either insurance or collateral, and the interest rate on the money is comparable to what the Commonwealth receives at out-of-state financial institutions.

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A list of banks participating in the Partnership, alphabetized by city or town, is attached.Small Business Banking Partnership – Participating Banks

 

Location

Bank

On Deposit

Arlington

Leader Bank NA

$10,000,000.00

Ayer

North Middlesex Savings Bank

$5,000,000.00

Belmont

Belmont Savings Bank

$10,000,000.00

Beverly

Beverly Cooperative Bank

$1,000,000.00

Boston

East West Bank

$5,000,000.00

Boston

Mercantile Bank and Trust Company

$5,000,000.00

Brockton

Mutual Bank

$5,000,000.00

Cambridge

Cambridge Savings Bank

$5,000,000.00

Chicopee

Chicopee Savings Bank

$5,000,000.00

Dorchester

Meetinghouse Bank

$1,000,000.00

East Boston

East Boston Savings Bank

$5,000,000.00

Everett

Everett Co-operative Bank

$5,000,000.00

Fall River

BankFive

$5,000,000.00

Fall River

BayCoast Bank (formerly Citizens-Union Savings Bank)

$5,000,000.00

Fitchburg

Rollstone Bank and Trust

$2,500,000.00

Gloucester

BankGloucester

$5,000,000.00

Greenfield

Greenfield Co-operative Bank

$2,000,000.00

Haverhill

Haverhill Bank

$5,000,000.00

Haverhill

Pentucket Bank

$10,000,000.00

Hudson

Avidia Bank

$2,000,000.00

Hyannis

Bank of Cape Cod

$10,000,000.00

Hyannis

Cape Cod Cooperative Bank

$5,000,000.00

Leominster

Fidelity Bank

$5,000,000.00

Lowell

Lowell Co-operative

$5,000,000.00

Lowell

Lowell Five Cent Savings Bank

$5,000,000.00

Lynn

Eastern Bank

$5,000,000.00

Marlborough

Marlborough Savings

$5,000,000.00

Medford

Century Bank and Trust Company

$10,000,000.00

Newburyport

Newburyport Five Cents Savings Bank, The

$5,000,000.00

Newton

Village Bank, The

$2,000,000.00

North Adams

Hoosac Bank

$5,000,000.00

Orleans

Cape Cod Five Cents Savings Bank

$10,000,000.00

Oxford

Hometown Bank, A Co-operative Bank

$5,000,000.00

Pittsfield

Berkshire Bank

$5,000,000.00

Reading

Reading Co-operative Bank

$5,000,000.00

Rockland

Rockland Trust Company

$5,000,000.00

Rockland

South Coastal Bank

$5,000,000.00

South Weymouth

South Shore Savings Bank

$10,000,000.00

Southbridge

Savers Co-operative Bank

$5,000,000.00

Southbridge

Southbridge Savings Bank

$5,000,000.00

Springfield

Nuvo Bank and Trust Company

$250,000.00

Taunton

Bristol County Savings Bank

$10,000,000.00

Taunton

Mechanics' Co-operative Bank

$5,000,000.00

Wakefield

Savings Bank, The

$2,000,000.00

Walpole

Walpole Co-operative Bank

$10,000,000.00

Westfield

Westfield Bank

$5,000,000.00

Worcester

Bay State Savings Bank

$5,000,000.00

 

 

$252,750,000.00

 

For more info, contact:

Jon Carlisle   : (617) 367-9333 (Ext 243) or
Chandra Allard : (617) 367-9333 (Ext 620)     

        

 

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