A cooperatively owned bank committed to serving their local community for more than 125 years
Recently, an individual reached out to us to find the best banking options in the greater Boston area. My research showed a multitude of small banks throughout the greater Boston area; it’s apparent that the people of Boston put a lot of stock into both community and local banking. Although we’re not sure exactly why so many smaller banking institutions in Boston have been able to survive while many similar institutions in other places have been bought by larger banks, it’s clear that there are many options for those looking to invest specifically in their surrounding community through their banking choices.
Many of the banking institutions in the greater metro area, one of the USA’s oldest cities, have histories dating back more than 100 years. Everett Co-Operative Bank has been operating since 1890, when business owners and civic leaders in the city of Everett, MA, now a suburb on the North side of Boston, came together to create a secure depository and lending institution to fulfill the financial needs of and encourage development of the community. Now serving Lynnfield as well as Everett, this institution has grown and modernized to continue to effectively serve their customers with an emphasis on community- and customer-oriented banking practices. They even have a mobile banking app, which may seem standard but is quite impressive for a banking institution with only two branches. However, they are still cooperatively owned and operated by business people invested in these two towns’ economic development. (Because it is currently not possible for individuals to open an account at this bank without going to one of their branches, our recommendation is for Boston-area residents only.)
Everett Co-Operative Bank and their employees are not only devoted to reliable and relational customer service but do a fantastic job of lending to low-and-moderate-income families in their service area. A full 65% of their lending is housing lending, and nearly half of their housing loans go to those with low- or middle-income. One of their two branches is in a less affluent area, and they do a fair amount of small business lending at 10.49% of their lending portfolio. They effectively use their assets in their community, as their net loans to deposits ratio is at 103%, and they have achieved a satisfactory CRA rating. All of these statistics show us that Everette Co-Operative Bank has been achieving the goal they set nearly 130 years ago to provide a stable depository institution and effective loan source for their community.
Learn more about Everett Co-Operative Bank here.
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