Rockland Trust buys Central Bank

[somerfriend.livejournal.com]

A local bank is gone.  

However if there was a bank to be sold, this would probably be it.  I frequently hear about Cambridge Savings Bank funding local non profit development, and Winter Hill Bank and East Cambridge Bank funding local private development.  I've never heard about Central Bank funding projects, but that is purely anecdotal.   

And if there was a bank to buy it, Rockland Trust would be a good one.  I do hear about them being good in local lending.   I'm not informed beyond an anecdotal level to say for sure if it is a net gain or loss for us.

If Winter Hill Bank, ECSB and Cambridge Savings Bank were to be sold, the community would suffer as national and regional banks don't tend to fund local projects, so rejuvenation is harder.   That is the real value of local banks.  Though good customer service for retail checking and not having to go through hoops to avoid fees is nice too, there are other options for that.  

Comments

[rmd.livejournal.com]

I've had good experiences with Rockland Trust as a customer in the past. I can't speak to their local projects lending record, but from the customer service standpoint, I'm happy with them.

[I will note that most of the other options for avoiding fees and such tend to be harder for lower income or not-technically-savvy community members, and Rockland has been a good bank for an older relative of mine who still does all her banking in person at the bank. (The type of person who never quite got the hang of ATMs)]

[ron_newman]

Many years ago, Central Bank nearly merged with Somerset Savings Bank. The merger was called off at the last minute, for reasons I don't remember anymore. Later, USTrust bought Somerset and then Citizens bought USTrust. What's now the Citizens Bank building in Davis Square was built to be the headquarters of Somerset Savings.

[clevernonsense.livejournal.com]

Fwiw, credit unions are legally (and severely) restricted in the amount of commercial lending they are allowed to perform in order to qualify for their tax status.

[bettyw.livejournal.com]

We got a home equity line of credit from Rockland several years ago, and were sufficiently impressed with their customer service that if they had had branches closer (we went to Rockland to sign our papers) we might have switched. So if they end up with branches near Camberville we may consider them again for all our services.

[2ndchancesinc.livejournal.com]

Central Bank has supported Second Chances' work in the community for many years. Their employees serve on local boards and volunteer with local organizations as well. I sincerely hope that Rockland Trust will continue to be as good a community partner as Central Bank has been.

I refinanced my Somerville home with Central Bank and they were great to work with too. Let's hope for good things ...

[ron_newman]

We have a couple of other local banks in or near Davis Square: Middlesex Federal (the one with the news ticker sign) and Century Bank (based in Medford, branch at Mass. Ave. and Meacham Road in Cambridge).

Oh, and also the mysterious North Cambridge Cooperative Bank, which has just one office, no ATMs, and no website. Anyone know more about them?

[boblothrope.livejournal.com]

Wow, how could a bank not have an ATM? Are they at least a member of an ATM network so you can use other ATMs?

I'm all for supporting strange historical relics, but there's no way I could deal with having to get cash and deposit checks during banking hours.

[ron_newman]

They are part of the SUM network but don't appear to have any ATMs of their own at all.

[ronhaha108.livejournal.com]

so does a co-op bank mean that you have to work there once a month :)

[bruce garland (from livejournal.com)]

They even continue the expansion, thats a good sign about Rockland Trust (http://www.pbn.com/Rockland-Trust-eyeing-expansion,70491) - http://www.pbn.com/Rockland-Trust-eyeing-expansion,70491