With Additional Deposit in Belmont Savings Bank, $252,750,000 Now On Tap for New Jobs
Treasurer Steven Grossman announced today that, due to an additional $5 million deposit added to Belmont Savings Bank’s existing deposit of $5 million, the Treasury’s Small Business Banking Partnership now has over a quarter billion dollars on deposit in 47 community banks across the Commonwealth. The precise amount on deposit is $252,750,000.
With Additional Deposit in Belmont Savings Bank, $252,750,000 Now On Tap for New Jobs
Treasurer Steven Grossman announced today that, due to an additional $5 million deposit added to Belmont Savings Bank’s existing deposit of $5 million, the Treasury’s Small Business Banking Partnership now has over a quarter billion dollars on deposit in 47 community banks across the Commonwealth. The precise amount on deposit is $252,750,000.
“The Small Business Banking Partnership has been a resounding success, and it’s a great example of an innovative public-private collaborative,” said Treasurer Grossman. “By making deposits into community banks, we’re promoting loan activity to small creditworthy businesses and creating jobs, opportunity, and economic prosperity throughout the Commonwealth.”
The Small Business Banking Partnership moves Treasury cash reserve funds typically held by large national and international financial institutions and deposits them in amounts of up to $10 million in Massachusetts banks. In exchange for the infusion of new deposits, the banks sign a Memorandum of Understanding (MOU) signaling their intent to enhance their loan portfolios to small credit-worthy Massachusetts businesses. According to the most recent reporting data, participating banks have made a total of 1,678 loans worth over $268 million, many of them directly attributable to the Partnership.
When it was created last year, the Partnership was envisioned as a $100 million program with a deposit limit of up to $5 million per bank. Because of the overwhelmingly positive feedback that Treasury received from participating banks and the demonstrable increase in loan activity and job creation, the Partnership was expanded to allow more banks to participate and to increase the maximum deposit amount. Participating banks are required to post their loan activity on their website every quarter, information that is also posted on the Treasury website.
All deposits that the Treasury makes in these community banks are protected through either insurance or collateral, and the interest rate on the money is comparable to what the Commonwealth receives at out-of-state financial institutions.
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A list of banks participating in the Partnership, alphabetized by city or town, is attached.Small Business Banking Partnership – Participating Banks
| Location | Bank | On Deposit |
| Arlington | Leader Bank NA | $10,000,000.00 |
| Ayer | North Middlesex Savings Bank | $5,000,000.00 |
| Belmont | Belmont Savings Bank | $10,000,000.00 |
| Beverly | Beverly Cooperative Bank | $1,000,000.00 |
| Boston | East West Bank | $5,000,000.00 |
| Boston | Mercantile Bank and Trust Company | $5,000,000.00 |
| Brockton | Mutual Bank | $5,000,000.00 |
| Cambridge | Cambridge Savings Bank | $5,000,000.00 |
| Chicopee | Chicopee Savings Bank | $5,000,000.00 |
| Dorchester | Meetinghouse Bank | $1,000,000.00 |
| East Boston | East Boston Savings Bank | $5,000,000.00 |
| Everett | Everett Co-operative Bank | $5,000,000.00 |
| Fall River | BankFive | $5,000,000.00 |
| Fall River | BayCoast Bank (formerly Citizens-Union Savings Bank) | $5,000,000.00 |
| Fitchburg | Rollstone Bank and Trust | $2,500,000.00 |
| Gloucester | BankGloucester | $5,000,000.00 |
| Greenfield | Greenfield Co-operative Bank | $2,000,000.00 |
| Haverhill | Haverhill Bank | $5,000,000.00 |
| Haverhill | Pentucket Bank | $10,000,000.00 |
| Hudson | Avidia Bank | $2,000,000.00 |
| Hyannis | Bank of Cape Cod | $10,000,000.00 |
| Hyannis | Cape Cod Cooperative Bank | $5,000,000.00 |
| Leominster | Fidelity Bank | $5,000,000.00 |
| Lowell | Lowell Co-operative | $5,000,000.00 |
| Lowell | Lowell Five Cent Savings Bank | $5,000,000.00 |
| Lynn | Eastern Bank | $5,000,000.00 |
| Marlborough | Marlborough Savings | $5,000,000.00 |
| Medford | Century Bank and Trust Company | $10,000,000.00 |
| Newburyport | Newburyport Five Cents Savings Bank, The | $5,000,000.00 |
| Newton | Village Bank, The | $2,000,000.00 |
| North Adams | Hoosac Bank | $5,000,000.00 |
| Orleans | Cape Cod Five Cents Savings Bank | $10,000,000.00 |
| Oxford | Hometown Bank, A Co-operative Bank | $5,000,000.00 |
| Pittsfield | Berkshire Bank | $5,000,000.00 |
| Reading | Reading Co-operative Bank | $5,000,000.00 |
| Rockland | Rockland Trust Company | $5,000,000.00 |
| Rockland | South Coastal Bank | $5,000,000.00 |
| South Weymouth | South Shore Savings Bank | $10,000,000.00 |
| Southbridge | Savers Co-operative Bank | $5,000,000.00 |
| Southbridge | Southbridge Savings Bank | $5,000,000.00 |
| Springfield | Nuvo Bank and Trust Company | $250,000.00 |
| Taunton | Bristol County Savings Bank | $10,000,000.00 |
| Taunton | Mechanics’ Co-operative Bank | $5,000,000.00 |
| Wakefield | Savings Bank, The | $2,000,000.00 |
| Walpole | Walpole Co-operative Bank | $10,000,000.00 |
| Westfield | Westfield Bank | $5,000,000.00 |
| Worcester | Bay State Savings Bank | $5,000,000.00 |
| $252,750,000.00 |
For more info, contact:
Jon Carlisle : (617) 367-9333 (Ext 243) or
Chandra Allard : (617) 367-9333 (Ext 620)
