Worcester Business Journal

www.wbjournal.com • Worcester Business Journal • 2 018 Economic Forecast 37 Meeting the Needs of Any Size Business with the most competitive rates, lending options and cutting edge services for them to grow. To learn more about our Business Banking services call us at 508-765-7346 or email us at bes@saversbank.com. Simply Beter. saversbank.com • 800.649.3036 Member FDIC Member SIF Equal Housing Lender • Business Accounts • Business Online with Mobiliti • Commercial Loans • Cash Management • Business Debit Card w/ uChoose Rewards® Loans from Massachusetts banks have steadily increased. A look at where banks loaned in the third quarter of 2017, compared to the same period in past years (amounts in thousands). Where loans go in Massachusetts Source: Federal Deposit Insurance Corp. Dwyer, took over as president of Main Street Bank, while his counterpart at Marlborough became CEO. "The two banks are vibrant and strong, but we will be stronger togeth- er," Dwyer said. "We are deeply com- mitted to the principles of mutual sav- ings banks, which are accountable to their customers and by joining forces, we are ensuring the longevity of home- town banks who are deeply rooted in their communities." Berkshire Bank buys Commerce Bank W orcester's Commerce Bank is no longer independent after 62 years – but it will get to keep its name, at least in its home city. Commerce Bank was bought in the spring of 2017 by Berkshire Bank, taking the largest Worcester-based bank into the hands of a far larger competitor. Commerce Bank's five Worcester branches will retain their name, with Commerce bank picking up a small addition to its logo: "A division of Berkshire Bank." Commerce Bank has locations in Boston, Holden, Leominster, Marlborough, Milford, Shrewsbury, Webster, Westborough and West Boylston that all have been renamed Berkshire. Berkshire, which has been based in the Western Massachusetts city of Pittsfield, is moving its head- quarters to Boston. The new, larger entity has $12 bil- lion in assets, including $2.2 billion acquired from Commerce Bank, along with 113 loca- tions, including 50 in Massachusetts. Berkshire Bank saw the importance of keeping Commerce Bank's name locally, and of acquiring a rival in a growing area. "Worcester is the second largest city in New England, and the growth has been outpacing most of the region for several years now," said Allison O'Rourke, executive vice president of Berkshire Bank. "We see tremendous opportunity to bring our products and services to this market to continue to help fuel that growth." A new Cornerstone in South County banking B ank mergers and consolidations have removed some recognizable, long-time names from Central Massachusetts banking. Names that used to adorn buildings on main streets across the area are no longer. SpencerBANK and Southbridge Savings Bank first tried avoiding that route, determining when they announced their merger in 2015 they would merge their holding companies but keep their longtime identities. It didn't end up working that way. Cornerstone Bank officially began in June, with the combined roughly $1 bil- lion in assets, $108 million in equity, and 15 branch locations from Leicester to Southbridge to Warren. The name Cornerstone Bank was picked after a branding survey. "The name emphasizes the founda- tion of our mutual commitment to our customers and best embodies our cul- ture while promoting the value of integ- rity and trust that our banks were built on," said Lori Kowal, the vice president of marketing, first for SpencerBANK and then for Cornerstone. David "Duddie" Massad purchased a majority stake in Commerce Bank in 1993 and was a big winner in Berkshire Bank's $209-million stock purchase of Commerce. All real estate loans $70,644,029 $75,851,543 $83,029,452 $91,245,100 $98,943,833 Commercial and industrial loans $8,136,719 $10,262,450 $13,028,145 $14,317,519 $16,152,743 Loans to individuals $3,433,806 $3,686,389 $3,489,799 $3,728,081 $3,769,823 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017 W

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