 |
 | |
| Industry | Banking |
|---|---|
| Founded | Century Bank, 1969 |
| Fate | Acquired by Eastern Bank |
| Headquarters | Medford, Massachusetts, United States |
Key people | Marshall M. Sloane, Founder; Barry R. Sloane, Chairman, President & CEO; Linda Sloane Kay, Vice Chair |
| Total assets | US$ 6 billion (2017) [1] |
Number of employees | 740 |
| Website | CenturyBank.com [1] |
Century Bank was a bank based in Massachusetts. It was founded in Somerville, Massachusetts in 1969 by Marshall M. Sloane and at one point became the state's largest family-run bank. [2] Century Bank had over $6 billion in assets with 27 offices in 19 cities and towns in Massachusetts. [3] Marshall’s son, Barry Sloane, sat as Chairman, President & CEO while Marshall’s daughter, Linda Sloane Kay, was the Bank’s Vice Chair. Century Bank was a lender to local businesses, municipalities, not-for-profit organizations and families. Headquartered in Medford, MA, Century Bank employed more than four hundred staff. [4]
History
On May 1, 1969, Century Bank and Trust Company officially opened its doors in a temporary trailer parked on the M.D.C.'s sidewalk at 102 Fellsway West in Somerville. The Bank's beginning started in early 1968 with the idea of one man, Marshall M. Sloane, [5] as there was a great need for a community-based commercial bank in Somerville. By November 21, 1968, he and 20 other businessmen were granted a charter to establish the Century Bank & Trust Company. On January 10, 1969 Century Bank was incorporated, becoming the first new bank in Somerville since the mid-1800s. Opening day in the trailer saw President Marshall M. Sloane and seven employees realize the fruits of their labor. Without any promotional efforts, the new bank took in $1.1 million in deposits for a profitable first day. In four weeks, deposits had grown to $4 million; in eight weeks they were over $7 million; and by December 31, 1969, the total assets had passed the $17 million mark. Century Bank had become the fastest growing bank in Massachusetts history in its first year of operation.[ citation needed]
Century Bank was acknowledged annually in the Boston Globe 100 as one of the top performing publicly traded companies in Massachusetts. [6]
On April 7, 2021, Eastern Bankshares announced that they are merging with Century Bank with Eastern as the remaining bank. [7] [8] The merger completed on November 12, 2021. [9]
References
- ^ http://www.snl.com/Cache/1500101402.PDF?Y=&O=PDF&D=&FID=1500101402&T=&IID=100209 [ bare URL PDF]
- ^ http://www.snl.com/Cache/1001208150.PDF?Y=&O=PDF&D=&FID=1001208150&T=&IID=100209 [ bare URL PDF]
- ^ http://www.snl.com/Cache/1001208150.PDF?Y=&O=PDF&D=&FID=1001208150&T=&IID=100209 [ bare URL PDF]
- ^ "Marshall M Sloane, Century Bancorp Inc: Profile and Biography". Bloomberg News.
- ^ "Marshall Sloane, 88, still in charge at Century Bank - the Boston Globe". The Boston Globe.
- ^ "Century Bank Honored to Make Fourth Appearance on Sandler O'Neill + Partners' "Sm-All Stars" List" (Press release). 8 October 2014.
- ^ Business Wire: April 8, 2021: Eastern Bankshares Inc. and Century Bancorp Inc. Enter Into Definitive Agreement To Merge
- ^ American Banker: April 7, 2021: American Banker: Eastern Bankshares to buy Century Bancorp for 642 million
- ^ Eastern Bankshares, Inc. Announces Completion Of Merger With Century Bancorp, Inc. Yahoo! Finance: November 12, 2021