First Commons Bank Assets Top $94 Million in Fourth Quarter of Operations

PRLog (Press Release) - Jul. 22, 2010 - Newton, Massachusetts – July 22, 2010 – First Commons Bank, N.A., reported that its assets have grown to more than $94 million during its fourth quarter of operations ending June 30, 2010. The bank began operations on July 22, 2009 and serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.

“I am pleased with our deposit growth for this past quarter and I am especially pleased with our loan growth,” said Tony Nuzzo, Chairman, President and Chief Executive Officer.  “Our loans grew four to five times faster than our deposits reflecting our ability to fill consumer and business lending voids created by the large banks.”

“With almost 8,000 FDIC-insured banks in the U.S. filing second quarter reports, First Commons Bank assets have now surpassed more than 2,600 banks after just over eleven months of operations,” he said.

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First Commons Bank, N.A., a nationally-chartered, FDIC-insured, full-service, community bank, is dedicated to serving the banking needs of small to mid-sized businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts. First Commons Bank combines the industry’s most advanced technology with a highly-experienced, onsite, management team to provide clients with superior, personalized service and the highest quality banking experience. It offers a comprehensive portfolio of retail and business banking services, including checking and savings accounts, online banking, ATM/debit cards, money market accounts, certificates of deposit, home equity loans, residential and commercial mortgages, consumer and business loans, and cash management services. First Commons Bank (www.firstcommonsbank.com) is headquartered at 718 Beacon Street in Newton Centre, Massachusetts.