wbjournal.com | Book of Lists 2018 | Worcester Business Journal 25
B A N K I N G & F I N A N C E F O C U S
Top SBA lenders
Ranked by total number of loans issued in Massachusetts, fiscal year 2017*
Name
No. of loans FY 2017/
no. of loans FY 2016
% increase or decrease
in number of loans
Amount of loans FY 2017/
amount of loans FY 2016
% increase or decrease
in amount of loans
1
Eastern Bank
2 South Ave., Natick 01760
508-655-4101 • www.easternbank.com
895
798
12%
$57,124,200
$49,333,200
16%
2
Citizens Bank
19 Temple St., Framingham 01701
508-424-0601 • www.citizensbank.com
210
226
-7%
$28,062,900
$37,012,500
-24%
3
Berkshire Bank
303 Turnpike Road, Westborough 01581
508-366-4750 • www.berkshirebank.com
145
175
-17%
$8,824,800
$17,189,600
-49%
3
TD Bank
295 Park Ave., Worcester 01609
508-752-2584 • www.tdbank.com
145
99
46%
$10,585,400
$13,405,300
-21%
5
Rockland Trust Co.
58 Main St., Franklin 02038
508-520-3958 • www.rocklandtrust.com
96
105
-9%
$11,820,700
$11,370,300
4%
6
UniBank for Savings
49 Church St., Whitinsville 01588
508-234-8112 • www.unibank.com
64
45
42%
$6,759,300
$3,192,200
112%
7
Cambridge Savings Bank
145 Great Road, Acton 01720
617-575-8514 • www.cambridgesavings.com
50
51
-2%
$7,892,800
$7,790,400
1%
7
Santander Bank NA
446 Main St., Worcester 01608
508-890-6810 • www.santanderbank.com
50
65
-23%
$5,062,600
$6,488,500
-22%
9
St. Mary's Credit Union
46 Lizotte Drive, Marlborough 01752
508-490-8000 • www.stmaryscu.org
46
51
-10%
$1,695,600
$2,213,400
-23%
10
Avidia Bank
42 Main St., Hudson 01749
978-562-2222 • www.avidiabank.com
33
24
38%
$7,592,000
$8,420,800
-10%
11
Salem Five Cents Savings Bank
19 Concord Road, Sudbury 01776
978-579-0592 • www.salemfive.com
32
37
-14%
$6,274,700
$4,970,900
26%
12
Cornerstone Bank **
230 Park Ave., Worcester 01609
508-421-8070 • www.cornerstonebank.com
21
15 ***
40%
$1,620,500
$1,885,200 ***
-14%
12
People's United Bank
491 Shrewsbury St., Worcester 01604
508-890-7640 • www.peoples.com
21
13
62%
$7,765,100
$2,364,000
228%
14
bankHometown
31 Sutton Ave., Oxford 01540
508-987-1200 • www.hometowncoop.com
12
25
-52%
$2,502,800
$3,887,000
-36%
14
Country Bank
278 Park Ave., Worcester 01609
800-322-8233 • www.countrybank.com
12
1
1,100%
$1,112,400
$50,000
2,125%
14
Enterprise Bank & Trust Co.
4 Central St., Leominster 01453
978-656-5689 • www.enterprisebanking.com
12
19
-37%
$2,912,000
$5,200,200
-44%
17
Bristol County Savings Bank
375 W. Central St., Franklin 02038
508-528-2666 • www.bristolcountysavings.com
11
28
-61%
$971,500
$4,265,500
-77%
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.
** Formed on June 12, 2017 when SpencerBANK and Southbridge Savings Bank merged.
*** Data represents SpencerBANK.
- Compiled by: Heide Martin, hmartin@nebusinessmedia.com
Santander Bank – once
Sovereign Bank, before it was
bought by its Spanish parent in
2008 – topped WBJ's list as
the top SBA lender a decade
ago. In fiscal 2007, then-Sover
-
eign loaned nearly $16.8 mil-
lion in Massachusetts. In fiscal
2017, that fell to just $5 mil-
lion. The bank dropped from
No. 1 to No. 7.
Santander has its banking
headquarters in Boston and
retains a strong presence in
Central Massachusetts, includ-
ing 20 branches and ATMs in
Worcester alone. But it's not the
small-business lender it once
was, according to data from the
U.S. Small Business
Administration.
Natick-based Eastern Bank,
on the other hand, has become
by far the biggest small-busi-
ness lender in the state. The
bank, which has its headquar-
ters in Boston, loaned $57 mil-
lion to small businesses last
year, a jump of 12 percent in
just one year and a nearly sev-
en-fold increase in the past
decade.
Eastern Bank, whose branch-
es don't extend much west of
I-495, made 51 small business
loans in fiscal 2007, and nearly
900 a decade later.
No other bank in
Massachusetts has been able to
keep pace, but that doesn't
mean others haven't expanded
their lending, too. Citizens Bank
loaned $28 million in the most
recent fiscal year, nearly double
a decade ago, and Rockland
Trust took a similarly sized leap
to nearly $12 million.
Santander also isn't the only
bank to make fewer small-busi-
ness loans. TD Bank is down,
from $14.7 million in 2007 to
just $10.5 million in fiscal 2017.
- Grant Welker
Eastern's rise,
Santander's fall
Nearly all of Eastern Bank's
business is done inside the
I-495 belt.
