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First Commons Bank Reports a 39 Percent Increase in Loans in Sixth Quarter of Operations

New Newton, Mass. Bank Reports Significant Progress After Less Than 18 Months of Operations

 
PRLog - Jan. 26, 2011 - First Commons Bank reported that during its sixth quarter, ending December 31, 2010, loans increased by 39 percent versus the quarter ending September 30, 2010, and by 636 percent versus the same quarter last year, ending December 31, 2009. Additionally, its total assets have grown to more than $110 million, representing a 4 percent increase versus last quarter and a 72 percent increase versus the same quarter last year. The bank opened for business on July 22, 2009, and serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.

"I am pleased with the progress of our new bank on all fronts this quarter and I am especially pleased that loans increased by 39 percent and our total loan portfolio remains without a single loan that is 30 days or more past due," said Tony Nuzzo, Chairman, President, and Chief Executive Officer. "Our loans grew five to six times faster than our deposits, which, we believe, reflects our ability to fill consumer and business lending voids created by the large banks.

“For the 12 months ending December 31, 2010, our net interest margin grew by more than 300 percent and our net income improved by 25 percent," said Nuzzo. "Although sustained profitability is not expected for several quarters, we are clearly making progress toward this objective.”

"We are also pleased that with more than 7,600 FDIC-insured banks in the U.S. filing quarterly reports for the quarter ended September 30, 2010, First Commons Bank assets have now surpassed those of more than 2,900 other banks, or more than 38 percent, after just six quarters of operations," Nuzzo 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 as well as 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 (http://www.firstcommonsbank.com) is headquartered at 718 Beacon Street in Newton Centre, Massachusetts.

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Source:First Commons Bank
City/Town:Newton - Massachusetts - United States
Industry:Banking
Tags:first commons bank, banking, newton, wellesley, waltham, massachusetts
Shortcut:prlog.org/11252234
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