“One of the really satisfying aspects of running a community bank is that any success we achieve is almost immediately invested back into the local communities we serve,” said Jack McGeorge, CEO and Chairman, Needham Bank. “Local residents have responded very well to our efforts to attract new checking account, term deposit and residential loan customers; our traditional construction lending business has continued to grow; and we have achieved excellent progress in the important commercial lending sector. Taken together, this broad-based success has allowed us to step up our hiring and contribute directly to the local economy.”
The Bank, to use one example, said it opened more checking accounts in June of this year than it did in all of 2010.
Unlike many larger banks, which must support head offices in far-away places like New York, Charlotte, Madrid, or Toronto, Needham Bank’s success stays in Massachusetts. For example, the Bank recently opened a 7,500 square-foot addition at its 1063 Great Plain Avenue main office in Needham and is in the process of opening a new branch in Dover.
“Our mandate as a mutual bank is help create healthy, economically sustainable communities,”
While the Bank did not provide specifics in terms of future hiring, McGeorge added that he saw every reason to expect additional hiring in the months ahead. “Most of our recent growth has been generated by our own customers, who recommend us enthusiastically to family, friends and colleagues. As long as we continue to provide our legendary superior service and features like no-fee checking, no-fee ATM use anywhere in the world and electronic check deposit via a smart phone, our circle of customers can only grow. Additional hiring will flow from that,” he said.
About Needham Bank
Needham Bank, headquartered at 1063 Great Plain Ave. in Needham, MA, is the quintessential community bank, serving Boston and its neighboring communities continuously since 1892. Needham Bank represents the evolution of community banking™, offering the latest financial products and technologies, while maintaining an unwavering commitment to the communities served. For more information please visit NeedhamBank.com. Needham Bank is a member of FDIC and SIF.