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20 Worcester Business Journal | Book of Lists 2021 | wbjournal.com Top banks Ranked by local deposits as of June 30, 2020 Bank Local deposits/ total deposits Local branches/ U.S. branches Assets/ net loans and leases net income No. of employees Top local executive Year founded 1 Bank of America 365 Main St., Worcester 01608 508-751-8060 • bankofamerica.com $6.1 billion $1.7 trillion 30 4,253 $2.3 trillion $910 billion $14.3 billion 140,198 Edwin Thomas Shea Jr. market president, Central Mass. 1904 2 TD Bank 370 Main St., Worcester 01608 508-368-6529 • tdbank.com $3.7 billion $332 billion 22 1,226 $402 billion $160 billion $1.3 billion 25,356 Steve C. Webb regional president, Southern New England and Upstate New York 1852 3 Middlesex Savings Bank 6 Main St., Natick 01760 508-653-0300 • www.middlesexbank.com $3.5 billion $4.8 billion 24 32 $5.8 billion $3.2 billion $21.9 million 531 Michael G. McAuliffe president & CEO 1835 4 Citizens Bank 34 Main St., Natick 01760 508-653-5100 • www.citizensbank.com $2.5 billion $145 billion 30 1,041 $183 billion $126 billion $1.1 billion 17,457 Bruce Van Saun chairman & CEO 2005 5 Santander Bank 446 Main St., Worcester 01608 508-890-6810 • www.santanderbank.com $2.4 billion $67 billion 35 581 $89.5 billion $54 billion ($1.8 billion) 8,866 Timothy H. Wennes president & CEO Santander Bank, N.A. 1907 6 UniBank for Savings 49 Church St., Whitinsville 01588 508-234-8112 • www.unibank.com $2 billion $2 billion 14 14 $2.1 billion $1.4 billion $9.4 million 246 Michael W. Welch CEO 1870 7 Avidia Bank 42 Main St., Hudson 01749 978-562-2222 • www.avidiabank.com $1.8 billion $1.8 billion 10 10 $2 billion $1.5 billion $12.8 million 251 Mark R. O'Connell president & CEO 1869 8 Berkshire Bank 303 Turnpike Road, Westborough 01581 508-366-4750 • www.berkshirebank.com $1.7 billion $10.1 billion 16 132 $12.8 billion $8.3 billion ($507 million) 1,450 Nitin Mhatre CEO 1846 9 People's United Bank 120 Front St., Worcester 01608 508-890-5199 • www.peoples.com $1.2 billion $50.2 billion 7 421 $63.2 billion $43.6 billion $594 million 5,940 Patrick J. Sullivan president, Mass. 1988 10 Cornerstone Bank 230 Park Ave., Worcester 01609 508-421-8070 • www.cornerstonebank.com $1 billion $1 billion 13 13 $1.3 billion $1.2 billion ($1.3 million) 162 Todd R. Tallman CEO 1871 11 Main Street Bank 81 Granger Blvd., Marlborough 01752 508-481-8300 • www.bankmainstreet.com $930 million $930 million 13 13 $1.2 billion $22 million $6.9 million 167 Walter J. Dwyer IV CEO 1860 12 Fidelity Bank 9 Leominster Blvd., Leominster 01453 978-345-4331 • www.fidelitybankonline.com $924 million $968 million 14 15 $1.1 billion $853 million $239 thousand 154 Edward F. Manzi Jr. chairman & CEO 1888 13 Webster Five Cents Savings Bank 136 Thompson Road, Webster 01570 800-696-9401 • www.web5.com $776 million $776 million 7 7 $967 million $761 million $6.7 million 143 Donald F. Doyle president & CEO 1868 14 MutualOne Bank 828 Concord St., Framingham 01701 508-820-4000 • www.mutualone.com $756 million $756 million 3 3 $995 million $788 million $14.9 million 90 Mark R. Haranas president & CEO 1889 15 Rockland Trust Co. 58 Main St., Franklin 02038 508-520-3958 • www.rocklandtrust.com $730 million $10.8 billion 7 98 $13.2 billion $9.3 billion $125 million 1,375 Christopher Oddleifson CEO 1907 16 bankHometown 31 Sutton Ave., Oxford 01540 508-987-1200 • www.hometowncoop.com $725 million $1 billion 10 16 $1.2 billion $744 million $8.7 million 158 Robert J. Morton president and CEO 1889 17 Rollstone Bank & Trust 780 Main St., Fitchburg 01420 978-345-1061 • www.rollstonebank.com $522 million $522 million 8 8 $792 million $496 million $5.2 million 95 Martin F. Connors Jr. president & CEO 1846 18 Clinton Savings Bank 200 Church St., Clinton 01510 978-365-3700 • www.clintonsavings.com $504 million $504 million 8 8 $630 million $424 million $3.8 million 94 Robert J. Paulhus Jr. president & CEO 1851 19 Savers Bank 270 Main St., Southbridge 01550 508-764-4329 • www.saversbank.com $487 million $487 million 7 7 $652 million $481 million $3.8 million 92 Rosemary A. Picard president & CEO 1910 20 Athol Savings Bank 388 Main St., Athol 01331 $426 million 7 $517 million $296 million 78 Daniel Zona 1867 F O C U S B A N K I N G & F I N A N C E The coronavirus pandemic and the economic pain it is causing has brought a flood of new deposits to banks in Central Massachusetts and nationally. The trend hasn't been entirely good. Banks have seen net incomes drop precipitously and are set- ting aside far greater amounts of expected potential losses in loans and leases, according to a Worcester Business Journal review of Federal Deposit Insur- ance Corp. data. Across the 15 largest local- ly-based banks by deposits, the first half of 2020 saw deposits soar by 18%, or more than $2.5 billion, compared to a year earli- er. Net income, though, dropped by 45%, or more than $30 million, due in part by exception- ally low interest rates. In a sign banks may be expecting credit repayment issues, the amount of money they're setting aside for those losses is more than four times the amount they set aside for such losses in the first half of 2019. Those banks set aside nearly $26 million for what are called credit-loss provisions in the first six months of 2020. Among them, Middlesex Savings Bank, the largest Central Massachusetts-based bank by deposits, put $4 million aside for those losses this year. Last year, it didn't have a dollar in that account. Nationally, the FDIC has seen the same trends. For the second straight quarter, new deposits exceeded $1 trillion, something FDIC Chairman Jelena McWilliams said surpassed anything seen nationally by banks before. Deposits grew 21% from a year prior. Central Mass. banks seeing deposits soar Middlesex Savings Bank