24 Worcester Business Journal | Book of Lists 2019 | wbjournal.com
F O C U S B A N K I N G & F I N A N C E
Top SBA lenders
Ranked by total number of loans issued in Massachusetts, fiscal year 2018*
Lender
No. of loans
FY 2018/
FY 2017/
FY 2016
% change in no. of loans
FY 2017 to FY 2018/
FY 2016 to FY 2017
Amount of loans
FY 2018/
FY 2017/
FY 2016
% change in amount of loans
FY 2017 to FY 2018/
FY 2016 to FY 2017
1
Eastern Bank
2 South Ave., Natick 01760
508-655-4101 • www.easternbank.com
565
895
798
-37%
12%
$43,285,500
$57,124,200
$49,333,200
-24%
16%
2
TD Bank
295 Park Ave., Worcester 01609
508-752-2584 • www.tdbank.com
227
145
99
57%
46%
$14,203,100
$10,585,400
$13,405,300
34%
-21%
3
Citizens Bank
34 Main St., Natick 01760
508-653-5100 • www.citizensbank.com
144
210
226
-31%
-7%
$21,142,500
$28,062,900
$37,012,500
-25%
-24%
4
Berkshire Bank
303 Turnpike Road, Westborough 01581
508-366-4750 • www.berkshirebank.com
62
145
175
-57%
-17%
$5,381,300
$8,824,800
$17,189,600
-39%
-49%
5
Salem Five Cents Savings Bank
19 Concord Road, Sudbury 01776
978-579-0592 • www.salemfive.com
50
32
37
56%
-14%
$11,321,900
$6,274,700
$4,970,900
80%
26%
5
Santander Bank NA
446 Main St., Worcester 01608
508-890-6810 • www.santanderbank.com
50
50
65
0%
-23%
$4,783,700
$5,062,600
$6,488,500
-6%
-22%
7
Rockland Trust Co. **
58 Main St., Franklin 02038
508-520-3958 • www.rocklandtrust.com
48
96
105
-50%
-9%
$11,749,600
$11,820,700
$11,370,300
-1%
4%
8
UniBank for Savings
49 Church St., Whitinsville 01588
508-234-8112 • www.unibank.com
43
64
45
-33%
42%
$3,972,800
$6,759,300
$3,192,200
-41%
112%
9
St. Mary's Credit Union
46 Lizotte Drive, Marlborough 01752
508-490-8000 • www.stmaryscu.org
36
46
51
-22%
-10%
$2,022,400
$1,695,600
$2,213,400
19%
-23%
10
Cornerstone Bank
230 Park Ave., Worcester 01609
508-421-8070 • www.cornerstonebank.com
23
21
15 ***
10%
40%
$2,879,900
$1,620,500
$1,885,200 ***
78%
-14%
11
Avidia Bank
42 Main St., Hudson 01749
978-562-2222 • www.avidiabank.com
21
33
24
-36%
38%
$14,981,500
$7,592,000
$8,420,800
97%
-10%
12
People's United Bank
120 Front St., Worcester 01608
508-890-5199 • www.peoples.com
14
21
13
-33%
62%
$3,165,000
$7,765,100
$2,364,000
-59%
228%
13
Enterprise Bank & Trust Co.
65 Main St., Leominster 01453
978-656-5689 • www.enterprisebanking.com
12
12
19
0%
-37%
$2,985,900
$2,912,000
$5,200,200
3%
-44%
13
Workers Credit Union
815 Main St., Fitchburg 01420 ****
978-345-1021 • www.wcu.com
12
9
8
33%
13%
$737,700
$819,500
$600,200
-10%
37%
15
Northern Bank & Trust
265 Great Road, Littleton 01460
978-486-3543 • www.nbtc.com
11
2
N/A
450%
N/A
$7,761,500
$700,000
N/A
1,009%
N/A
16
Bank of America
365 Main St., Worcester 01608
508-751-8060 • bankofamerica.com
9
3
3
200%
0%
$4,518,000
$763,178
$1,525,000
492%
-50%
Source: U.S. Small Business Administration and lender websites. Notes: The SBA's fiscal year runs from Oct. 1 to Sept. 30. List includes only lenders with at least one branch in Central Mass.
* Lenders listed are for SBA 7(a) loans. Lending eligibility criteria are broader than those of other types of loans such as those associated with the 504 Loan Program.
** Independent Bank Corp., parent of Rockland Trust Co., acquired MNB Bancorp, parent of The Milford National Bank and Trust Co. in November 2018.
*** Data represents SpencerBANK. Cornerstone Bank was formed on June 12, 2017 when SpencerBANK and Southbridge Savings Bank merged.
**** New Littleton headquarters under construction and expected to open in 2020
- Compiled by: Heide Martin, hmartin@nebusinessmedia.com
