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Posts Tagged ‘bank’


Friday, February 1st, 2013

First Commons Bank Grows to a $210 Million Institution in 41 Months; Net Loans Increased by 37% in 2012

 NEWTON, MASS. — January 31, 2013 — First Commons Bank of Newton, Mass., today reported that it achieved a Total Asset level of $210,421,000 as of December 31, 2012, after only 41 months of operation. Total assets grew by $40 million, or 24 percent, for the 12-month period ended December 31, 2012. Net loans increased by $49 million, or 37 percent, for the same 12-month period.

Net income for the 12-month period ended December 31, 2012, is $3.1 million, compared to a loss of $2.5 million for the 12 months ended December 31, 2011.

Tony Nuzzo, Chairman, President and CEO of First Commons Bank, said, “2012 Net Income was positively impacted by the recognition of a Deferred Tax Asset credit of $2,750,000, which was recorded in the six-month period ended June 30, 2012. However, we are pleased that, as a new bank, net operating income was positive every quarter in 2012.”

First Commons Bank’s assets have now surpassed the assets of more than 4,100 other banks — or more than 58 percent of the 7,100 FDIC-insured banks which filed FDIC call reports for the period ending September 30, 2012.

The Bank’s Net Interest Margin for the 12-month period ended December 31, 2012, was 3.48 percent compared to 3.16 percent for the 12-month period ended December 31, 2011.

Mr. Nuzzo also reported that Director Georgia Murray resigned from the Board. “Georgia has been with First Commons Bank since pre-formation and we thank her for her significant contributions to our success,” he said.

First Commons Bank’s financial results are available on the FDIC’s Web site.

 

First Commons Bank Selected Balance Sheet Items

 

December 2012

December 2011

Total Assets

$210,421,000

$169,594,000

Net Loans

$182,061,000

$132,780,000

Deposits

$185,420,000

$149,435,000

 

First Commons Bank Selected Performance Metrics

Twelve Months
Ended Dec. 31, 2012

Twelve Months
Ended Dec. 31, 2011

Net Income

$3,085,000

<$2,479,000>

Interest Rate Spread

3.34%

2.98%

Net Interest Margin

3.48%

3.16%

Non Interest Expenses
as a percent of Average Assets

3.15%

4.08%

Return on Average Assets

1.62%

<1.82%>

Return on Average Equity

14.97%

<13.66%>

Return on Average Assets
(Excluding Deferred Tax Asset)

0.35%

<1.82%>

Return on Average Equity
(Excluding Deferred Tax Asset)

3.27%

<13.66%>

 

About First Commons Bank

First Commons Bank, N.A., is a nationally chartered, FDIC-insured full-service community bank, dedicated to serving the businesses and individuals of Newton, Wellesley, Waltham, and eastern Massachusetts. The bank, which opened for business on July 22, 2009, reported total assets of $210,421,000 as of December 31, 2012 — after only 41 months of operation and making it larger than 58 percent of all FDIC-insured banks in the U.S.

First Commons Bank provides clients with superior, personalized service and the highest quality banking through its onsite management team, experienced staff members, a unique and welcoming branch environment, and advanced banking technologies. Of note: Tony Nuzzo, Chairman, President, and CEO, was named Financial Services Executive of the Year in the prestigious 2010 American Business Awards. First Commons Bank locations include its headquarters at 718 Beacon St. in Newton Centre, Mass., and 161 Linden St., Linden Square, in Wellesley, Mass.

Visit First Commons Bank on the Web. Follow the bank on Facebook and on Twitter.

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Thursday, April 26th, 2012

First Commons Bank Delivers Operating Profitability, Investment Gains, and $182 million of Assets in 11th Qtr.

— New Mass. Bank Now Larger than 55% of All FDIC-Insured Banks Nationally After Only 11 Quarters —

NEWTON, MASS. — April 26, 2012 — First Commons Bank of Newton, Mass., today reported Net Income of $121,000 for the quarter ended March 31, 2012, representing net operating profitability of $15,000 and one time investment gains from the sale of mortgage-backed securities of another $106,000. Assets have grown to more than $182 million during its eleven quarters of operations ending March 31, 2012. This reflects an increase of 51% or $62 million versus the asset level of $120 million reported for the quarter ending March 31, 2011. The bank began operations on July 22, 2009, and serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.

“I am delighted to report that we achieved our first quarterly net operating income after only eleven quarters of operations. I am also pleased that we were able to demonstrate again our attention to detail and capitalize upon market conditions in order to take a one-time investment gain. Further, our Loan Portfolio grew 95% versus year ago and our Loan to Deposit Ratio is now 91%,” said Tony Nuzzo, Chairman, President, and CEO.

“With more than 7,300 FDIC-insured banks in the U.S. filing reports for the quarter ended December 31, 2011, First Commons Bank’s assets have now surpassed those of more than 3,900 other banks, or more than 55% percent, after just eleven quarters of operations,” Nuzzo added.

The Bank reported net loans have grown to $148 million, compared to $76 million as of a year ago ending March 31, 2011, representing an increase of 95% or $72 million; and compared to $133 million as of last quarter ended December 31, 2011, representing an increase of 11% or $15 million. The Bank’s net interest margin increased to 3.46% for the quarter ending March 31, 2012, compared to 3.32% for the quarter ending December 31, 2011 and 2.85% for the Quarter ending March 31, 2011.

First Commons Bank’s financial results are available on the FDIC’s Web site at http://goo.gl/rLJtA.

About First Commons Bank

First Commons Bank, N.A., is a new, nationally chartered, FDIC-insured full-service community bank, dedicated to serving the businesses and individuals of Newton, Wellesley, Waltham, and eastern Massachusetts. The bank, which opened for business in 2009, reports total assets of more than $182 million, making it larger than 55% of all FDIC-insured banks in the U.S.

First Commons Bank provides clients with superior, personalized service and the highest-quality banking through its onsite management team, experienced staff members, a unique and welcoming branch environment, and advanced banking technologies. Of note: Tony Nuzzo, Chairman, President, and CEO, was named Financial Services Executive of the Year in the prestigious 2010 American Business Awards. First Commons Bank locations include its headquarters at 718 Beacon St. in Newton Centre, Mass., and 61 Linden St., Linden Square, in Wellesley, Mass.

Visit First Commons Bank on the Web at http://www.firstcommonsbank.com. Follow the Bank on Facebook at http://facebook.com/firstcommonsbank and on Twitter at http://twitter.com/firstcommonsbnk.

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Thursday, March 1st, 2012

First Commons Bank Honored with Wellesley Chamber of Commerce Business Award

NEWTON, MASS. — March 1, 2012 — First Commons Bank, N.A., a new full-service community bank with branches in Wellesley and Newton, was honored last night in the 10th Annual Wellesley Chamber Business Awards as “New Member of the Year.”

Presented by the Wellesley Chamber of Commerce, the New Member of the Year Award is given annually by the Chamber to the new member business that has distinguished itself by its support for Chamber programs that benefit all member businesses.

First Commons Bank serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts. The bank, which opened for business in Newton in 2009, opened its second location in September, 2011, at 161 Linden Street in Linden Square in Wellesley. In terms of assets, the new bank is in the top half of more than 7,300 FDIC-insured banks nationally after only 2½ years of operation.

“First Commons Bank was recognized for its community focus. First Commons Bank, which joined the Wellesley Chamber in June of 2011, committed to act as Lead Sponsor of the Chamber’s inaugural Race Wellesley First 5k/10k Challenge and was actively involved in planning this very successful event. The Bank also committed to renew that sponsorship at the 2012 event this September,” said Wellesley Chamber President & CEO Maura M. O’Brien.

“In addition, Tony Nuzzo, Chairman, President and CEO of First Commons Bank, has agreed to serve on the Chamber’s Board of Directors. The level of support and participation demonstrated by First Commons Bank contributed significantly to the Chamber’s mission of supporting all member businesses,” O’Brien said.

Massachusetts State Senator Richard Ross presented citations to Nuzzo for First Commons Bank from the Massachusetts State Senate and the State House of Representatives. The citations recognized the Bank on its positive contributions to the business community and wishing the bank continued success.

In accepting the Chamber Award from incoming Wellesley Chamber Board Chairman John McConchie, and the citations from Senator Ross, Nuzzo said, “We are happy to help contribute to the vibrancy of Wellesley through the activities of the Chamber and we are honored to receive this award. On a personal note, as a resident of Wellesley, I am very pleased that First Commons Bank, as a new bank in town, has demonstrated strong support of the community and strong growth.”

The presentation was made as part of the 10th Annual Wellesley Chamber Business Awards dinner, February 29th, at the Wellesley College Club. The event hosted Wellesley business leaders.

About First Commons Bank

First Commons Bank, N.A., is a new, nationally chartered, FDIC-insured full-service community bank, dedicated to serving the businesses and individuals of Newton, Wellesley, Waltham, and eastern Massachusetts. The bank, which opened for business in 2009, reports total assets of more than $168 million, making it larger than 52% of all FDIC-insured banks in the U.S.

First Commons Bank provides clients with superior, personalized service and the highest-quality banking through its onsite management team, experienced staff members, a unique and welcoming branch environment, and advanced banking technologies. Of note: Tony Nuzzo, Chairman, President, and CEO, was named Financial Services Executive of the Year in the prestigious 2010 American Business Awards. First Commons Bank locations include its headquarters at 718 Beacon St. in Newton Centre, Mass., and 161 Linden St., Linden Square, in Wellesley, Mass.

Visit First Commons Bank on the Web at http://www.firstcommonsbank.com. Follow the Bank on Facebook at http://facebook.com/firstcommonsbank and on Twitter at http://twitter.com/firstcommonsbnk.

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Friday, January 27th, 2012

First Commons Bank Assets Top $168 Million in Tenth Qtr., Net Loans Increase 25% vs. Last Qtr.

— New Mass. Bank Now In Top Half of All FDIC-Insured Banks Nationally After Only Ten Quarters —

NEWTON, MASS. — January 27, 2012 — First Commons Bank of Newton, Mass., today reported that its assets have grown to more than $168 million during its tenth quarter of operations ended December 31, 2011. This reflects a 52% increase or over $58 million versus the asset level of $110 million reported for the quarter ending December 31, 2010. The bank began operations on July 22, 2009, and serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.

“With more than 7,300 FDIC-insured banks in the U.S. filing reports for the quarter ended September 30, 2011, First Commons Bank’s assets have now surpassed those of more than 3,800 other banks, or more than 52% percent, after just ten quarters of operations,” said Tony Nuzzo, Chairman, President, and CEO.

“While we are pleased with our asset growth, we remain focused on achieving sustained profitability,” Nuzzo said. “Our net loan growth of 25% for this quarter versus last quarter moves us considerably closer to reaching this goal.”

The Bank reported net loans have grown to $132 million, compared to $69 million as of year ago ended December 31, 2010, representing an increase of 92% or $63 million, and compared to $105 million as of last quarter ended September 30, 2011, representing an increase of 25% or $27 million. The Bank’s net interest margin increased to 3.57%, compared to 2.40% as of year ago ended December 31, 2010, representing an increase of 48%, and compared to 3.25% as of last quarter ended September 30, 2011, representing an increase of 10%.

First Commons Bank’s financial results are available on the FDIC’s Web site at http://goo.gl/gi13x.

Nuzzo also reported that Director Matt Miller resigned from the Board for personal reasons. “Matt has been with First Commons Bank since our earliest days in pre-formation and we thank him for his significant contributions to our success,” Nuzzo said. There are no plans to replace Mr. Miller as Director.

About First Commons Bank

First Commons Bank, N.A., is a new, nationally chartered, FDIC-insured full-service community bank, dedicated to serving the businesses and individuals of Newton, Wellesley, Waltham, and eastern Massachusetts. The bank, which opened for business in 2009, reports total assets of more than $168 million, making it larger than 52% of all FDIC-insured banks in the U.S.

First Commons Bank provides clients with superior, personalized service and the highest-quality banking through its onsite management team, experienced staff members, a unique and welcoming branch environment, and advanced banking technologies. Of note: Tony Nuzzo, Chairman, President, and CEO, was named Financial Services Executive of the Year in the prestigious 2010 American Business Awards. First Commons Bank locations include its headquarters at 718 Beacon St. in Newton Centre, Mass., and 61 Linden St., Linden Square, in Wellesley, Mass.

Visit First Commons Bank on the Web at http://www.firstcommonsbank.com. Follow the Bank on Facebook at http://facebook.com/firstcommonsbank and on Twitter at http://twitter.com/firstcommonsbnk.


Friday, October 28th, 2011

First Commons Bank Assets Top $152 Million in Ninth Qtr., Net Loans Double vs. Year Ago

— New Mass. Bank Surpasses More Than 49% of All FDIC-Insured Banks Nationally After Only Nine Quarters —

NEWTON, MASS. — October 28, 2011 — First Commons Bank of Newton, Mass., today reported that its assets have grown to more than $152 million during its ninth quarter of operations ended September 30, 2011. This reflects a 44% increase or over $46 million versus the asset level of $105 million reported for the quarter ending September 30, 2010. The bank began operations on July 22, 2009, and serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.

“With more than 7,400 FDIC-insured banks in the U.S. filing reports for the quarter ended June 30, 2011, First Commons Bank’s assets have now surpassed those of more than 3,700 other banks, or more than 49%, after just nine quarters of operations,” said Tony Nuzzo, Chairman, President, and CEO.

“While we are pleased with our asset growth over the first two years of operations, we remain focused on achieving sustained profitability,” Nuzzo said.

The Bank reported net loans have grown to $105 million, compared to $50 million as of September 30, 2010, representing an increase of 111% or $55 million. For the nine months ended September 30, 2011, the provision for loan losses increased by approximately $800,000 versus one year ago. For the same period, the Bank’s net interest margin increased by 58% to 3.10%, from 1.96%.

“We are also pleased that we expanded our bank to include a new site in Wellesley, Massachusetts, in August 2011, allowing us to increase our ability to fill the consumer and business voids created by the large banks,” Nuzzo said.

First Commons Bank’s financial results are available on the FDIC’s Web site at http://goo.gl/afM4N.

About First Commons Bank

First Commons Bank, N.A., is a new, nationally chartered, FDIC-insured full-service community bank, dedicated to serving the businesses and individuals of Newton, Wellesley, Waltham, and eastern Massachusetts. The bank, which opened for business in 2009, reports total assets of more than $152 million, making it larger than 49% of all FDIC-insured banks in the U.S.

First Commons Bank provides clients with superior, personalized service and the highest-quality banking through its onsite management team, experienced staff members, a unique and welcoming branch environment, and advanced banking technologies. Of note: Tony Nuzzo, Chairman, President, and CEO, was named Financial Services Executive of the Year in the prestigious 2010 American Business Awards. First Commons Bank locations include its headquarters at 718 Beacon St. in Newton Centre, Mass., and 61 Linden St., Linden Square, in Wellesley, Mass.

Visit First Commons Bank on the Web at http://www.firstcommonsbank.com. Follow the Bank on Facebook at http://facebook.com/firstcommonsbank and on Twitter at http://twitter.com/firstcommonsbnk.

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Friday, September 16th, 2011

First Commons Bank Sponsors 2nd Annual “Free Parking Day” in Newton Centre

First Commons Bank of Newton, Mass., celebrated its second anniversary of operations by sponsoring “First Commons Bank Free Parking Day” throughout Newton Centre.

On Sept. 14th, First Commons Bank shopping bags covered all of the city’s parking meters in Newton Centre as the bank picked up the tab on the meters to provide free parking for all residents, shoppers and visitors throughout the day.

The date represents the official opening of the bank’s headquarters in Newton Centre and its start of operations in 2009. The serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.

Pictured below: Mark G. Jurilla, Senior Vice President and Chief Retail Officer; Lena K. Chouljian, Vice President and Newton Centre Branch Manager; and Michael J. Tallo, Chief Financial Officer.

fcb-newton-35


Thursday, July 28th, 2011

First Commons Bank Assets Top $136 Million in Eighth Quarter of Operations


- New Newton-Based Bank Surpasses More Than 45% of All FDIC-Insured Banks Nationally in Less Than Two Years -

Newton Centre, Massachusetts – July 28, 2011 – First Commons Bank of Newton, Mass., today reported that its assets have grown to more than $136 million during its eighth quarter of operations ending June 30, 2011. This reflects a 44% increase or over $42 million versus the asset level of $94 million for the quarter ending June 30, 2010. The bank began operations on July 22, 2009 and serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.

“With more than 7,500 FDIC-insured banks in the U.S. filing reports for the quarter ended March 31, 2011, First Commons Bank assets have now surpassed those of more than 3,400 other banks, or more than 45 percent, after just 8 quarters of operations,” said Tony Nuzzo, Chairman, President and CEO.

“Although we are pleased with our asset growth over the first 23 months of operations, we remain focused on achieving sustained profitability. Within this context, we are very pleased that our net loans have grown to $93.8 million versus $37.5 million at the end of June in 2010 for a 149% increase or over $56.2 million. This has resulted in a loan to deposit ratio of 80.3% versus 47.2% last year,” Nuzzo said.

“First Commons Bank will open its second branch in Wellesley, Massachusetts later this summer which will allow us to expand our ability to fill the consumer and business voids created by the large banks,” Nuzzo said.

First Commons Bank financial results are available on the FDIC’s Web site at http://goo.gl/dchRM.

About First Commons Bank

First Commons Bank, N.A., is a new, nationally chartered, FDIC-insured full-service community bank, dedicated to serving the businesses and individuals of Newton, Wellesley, Waltham, and eastern Massachusetts. The bank, which opened for business in 2009, reports total assets of more than $136 million, making it larger than 45% of all FDIC-insured banks in the U.S.

First Commons Bank provides clients with superior, personalized service and the highest-quality banking through its onsite management team, experienced staff members, a unique and welcoming branch environment, and advanced banking technologies. Of note: Tony Nuzzo, Chairman, President, and CEO, was named Financial Services Executive of the Year in the prestigious 2010 American Business Awards. First Commons Bank (http://firstcommonsbank.com) is headquartered at 718 Beacon Street in Newton Centre, Massachusetts.

Follow First Commons Bank on Facebook at http://facebook.com/firstcommonsbank and on Twitter at http://twitter.com/firstcommonsbnk.

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Press contact: Don Goncalves, Tiziani Whitmyre public relations, Inc., 781-793-9380, dgoncalves@tizinc.com

Company contact: Tony Nuzzo, First Commons Bank, 617-243-4410


Friday, March 4th, 2011

First Commons Bank Launches Online Applications, Social Media Outreach – and Expands Customer Services

Newton, Mass. – March 4, 2011First Commons Bank, N.A., is expanding its portfolio of customer services to include a new Online Application Service, called Online Concierge, and a presence on social media networks Facebook and LinkedIn.

First Commons Bank began operations on July 22, 2009 to serve businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts. As of Dec. 31, 2010, the bank had over $110 million in assets and had surpassed the asset size of more than 2,900, or 38%, of all FDIC-Insured banks in the U.S. – after just six quarters of operations.

“First Commons Bank’s new Online Application Service, at our website, http://www.firstcommonsbank.com, allows both existing and new customers anywhere, anytime access to open a new personal or business deposit account or even apply for a business loan,” said Tony Nuzzo, First Commons Bank Chairman, President and Chief Executive Officer.

“In addition, we have expanded our Social Media outreach with the creation of profiles on two of the world’s leading Social Media networks – Facebook and LinkedIn – providing easy-to-find location and contact information as well as up-to-date news, features, and even photos of the Bank and our community activities,” he said.

“The introduction of our Online Application Service and our new presence on Facebook and LinkedIn directly reflects our continuing dedication to merge the latest banking technologies with a personal touch to make banking convenient, simple, and sensible for our customers,” Nuzzo said.

Find First Commons Bank on Facebook at: http://facebook.com/firstcommonsbank and on LinkedIn at: http://www.linkedin.com/company/first-commons-bank-newton-centre-ma.

About First Commons Bank

First Commons Bank, N.A., a nationally chartered, FDIC-insured, full-service community bank, is dedicated to serving the banking needs of small to midsized businesses as well as individuals in Newton, Wellesley, Waltham, and eastern Massachusetts. First Commons Bank combines the industry’s most advanced technology with a highly experienced, onsite management team to provide clients with superior, personalized service and the highest-quality banking experience. It offers a comprehensive portfolio of retail and business banking services, including checking and savings accounts, online banking, ATM/debit cards, money market accounts, certificates of deposit, home equity loans, residential and commercial mortgages, consumer and business loans, and cash management services. Of note: Tony Nuzzo, Chairman, President, and CEO, was named Financial Services Executive of the Year in the prestigious 2010 American Business Awards. First Commons Bank (http://www.firstcommonsbank.com) is headquartered at 718 Beacon Street in Newton Centre, Massachusetts. A new branch is planned to open in Wellesley, Massachusetts, in 2011. Find First Commons Bank on Facebook at: http://facebook.com/firstcommonsbank and on LinkedIn at http://www.linkedin.com/company/first-commons-bank-newton-centre-ma.

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  • Press contact: Don Goncalves, Tiziani Whitmyre, Inc., 781-793-9380, dgoncalves@tizinc.com
  • Company contact: Tony Nuzzo, First Commons Bank, 617-243-4410

Thursday, February 3rd, 2011

First Commons Bank Announces First Expansion, Will Open New Branch and Additional Office Space in Wellesley, Mass.

Newton Centre, Mass. — February 3, 2011 — First Commons Bank, N.A., has filed an application with the Office of the Comptroller of the Currency (OCC) to open a new, fully staffed branch office in the town of Wellesley, Mass. The bank began operations on July 22, 2009, to serve businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts. First Commons Bank has over $110 million in assets and has surpassed the asset size of more than 2,900 or 38% of all FDIC-Insured banks in the U.S. — after just six quarters of operations. The bank is headquartered in Newton Centre, Massachusetts.

Tony Nuzzo, the bank’s Chairman, President, and CEO, said, “Our new branch, pending OCC and town approvals, will be located at 161 Linden Street in Linden Square, Wellesley, and is targeted to open around midyear 2011. We also plan to build additional administrative offices adjacent to the proposed Wellesley branch to accommodate the new space requirements that have resulted from our growth.”

Nuzzo, who lives in Wellesley, said, “The new Linden Square branch will allow First Commons Bank to better serve Wellesley residents.” He said, “The bank will build upon its founding principles of resolving major points of consumer dissatisfaction with the big banks by providing superior personal service, logical and quick decisions with access to decision makers, and very few fees.”

About First Commons Bank

First Commons Bank, N.A., a nationally chartered, FDIC-insured, full-service community bank, is dedicated to serving the banking needs of small to midsized businesses as well as individuals in Newton, Wellesley, Waltham, and eastern Massachusetts. First Commons Bank combines the industry’s most advanced technology with a highly experienced, onsite management team to provide clients with superior, personalized service and the highest-quality banking experience. It offers a comprehensive portfolio of retail and business banking services, including checking and savings accounts, online banking, ATM/debit cards, money market accounts, certificates of deposit, home equity loans, residential and commercial mortgages, consumer and business loans, and cash management services. Of note: Tony Nuzzo, Chairman, President, and CEO, was named Financial Services Executive of the Year in the prestigious 2010 American Business Awards. First Commons Bank (http://www.firstcommonsbank.com) is headquartered at 718 Beacon Street in Newton Centre, Massachusetts. A new branch is planned to open in Wellesley, Massachusetts, in 2011.

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Press contact: Don Goncalves, Tiziani Whitmyre, Inc., 781-793-9380, dgoncalves@tizinc.com

Company contact: Tony Nuzzo, First Commons Bank, 617-243-4410


Wednesday, October 20th, 2010

First Commons Bank Reports Profitability After Less Than 15 Months of Operations

– New Newton, Mass., Bank Has One-Time Investment Gain Resulting in Profitability for the Quarter Ended September 30, 2010 –

Newton Centre, Mass. – October 20, 2010First Commons Bank, N.A., reported its first quarterly profit after less than 15 months of operations due principally to a one-time investment gain. Additionally, its assets have grown to more than $105 million during its fifth quarter of operations ended September 30, 2010. The bank opened for business on July 22, 2009 and serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.

First Commons Bank reported net income of $28,415 (unaudited) for the quarter ended September 30, 2010 compared to a net loss of $646,104 (unaudited) for the quarter ended June 30, 2010 (last quarter) and a net loss of $1,305,876 (audited) for the quarter ended September 30, 2009 (year ago). The bank’s one-time investment gain, resulting from the sale of mortgage-backed securities, totaled $505,000.

“I am pleased that we can report our first profitable quarter after less than 15 months of operations. Although the third quarter profit was primarily due to a one-time investment gain, we believe that it demonstrates our attention to detail in every aspect of the bank as we work toward sustained profitability with continued growth,” said Tony Nuzzo, Chairman, President and CEO. He noted that the bank expects that it will not achieve sustained profitability for at least the next several quarters.

“We are pleased that with nearly 7,800 FDIC-insured banks in the U.S. filing second quarter reports, First Commons Bank assets have now surpassed more than 2,800 banks, or almost 37%, after five quarters of operations – reflecting our ability to fill consumer and business voids created by the large banks,” Nuzzo said.

About First Commons Bank

First Commons Bank, N.A., a nationally-chartered, FDIC-insured, full-service, community bank, is dedicated to serving the banking needs of small to mid-sized businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts. First Commons Bank combines the industry’s most advanced technology with a highly-experienced, onsite, management team to provide clients with superior, personalized service and the highest quality banking experience. It offers a comprehensive portfolio of retail and business banking services, including checking and savings accounts, online banking, ATM/debit cards, money market accounts, certificates of deposit, home equity loans, residential and commercial mortgages, consumer and business loans, and cash management services. Of note, Tony Nuzzo, Chairman, President and CEO, was named Financial Services Executive of the Year in the prestigious 2010 American Business Awards. First Commons Bank (http://www.firstcommonsbank.com) is headquartered at 718 Beacon Street in Newton Centre, Massachusetts.

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Public Relations contact, Boston:  Don Goncalves, dgoncalves@tizinc.com, 781-793-9380, for Tiziani Whitmyre Inc., http://www.tizinc.com/public-relations

Company contact: Tony Nuzzo, First Commons Bank, 617-243-4410


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