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Posts Tagged ‘community banking’


Friday, January 24th, 2014

First Commons Bank Grows to a $262 Million Institution in Only 53 Months; Net Loans Up 26%

— Delivers over $900,000 in 2013 Net Income —

 NEWTON, MASS. — January 24, 2014 — First Commons Bank of Newton, Mass., today reported that it achieved a Total Asset level of $262,549,000 as of December 31, 2013, after only 53 months of operation. Total assets grew by approximately $53 million, or 25.9 percent, for the 12-month period ended December 31, 2013. Net loans increased by $47 million, or 26 percent, for the same 12-month period. First Commons Bank’s assets have now surpassed the assets of more than 4,400 other banks — or more than 64 percent of the 6,828 FDIC-insured banks which filed FDIC call reports for the period ended September 30, 2013.

“We are pleased with our continued growth, our increasing ongoing profitability, and the continued absence of any nonperforming loans.  Further, we are proud that after only 41/2 years in business, we delivered over $900,000 in net income from continuing operations in 2013,” said Tony Nuzzo, Chairman, President, and CEO of First Commons Bank.

Net income for the 12-month period ended December 31, 2013 was $909,000, compared to $2.9 million for the 12-month period ended December 31, 3012. The December 2012 results were favorably impacted by the recovery of a deferred tax asset in the amount of $2.5 million. Excluding the tax recovery, Net Income for the 12-month period ended December 31, 2012 would have been approximately $397,000, compared to the $909,000 reported for the 12-month period ended December 31, 2013.

Total Interest Income increased by approximately $2.0 million, or 24 percent, for the 12 months ended December 31, 2013 versus 2012. Interest Expense increased by approximately $260,000 or 15 percent for the 12 months ended December 31, 2013 versus the 12 months ended December 31, 2012. Noninterest operating expenses increased by approximately $396,000 or 6.6 percent for the 12-month period ended December 31, 2013 compared to the 12-month period ended December 31, 2012.

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

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 $262,549,000 as of December 31, 2013 — after only 53 months of operation — making it larger than 64 percent of all FDIC-insured banks in the U.S. First Commons Bank locations include its headquarters at 718 Beacon St. in Newton Centre, Mass., and 161 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, September 6th, 2013

First Commons Bank Sponsors Free Parking in Newton Centre and Wellesley Square on Monday, Sept. 16

NEWTON CENTRE, MASS. — Sept. 6, 2013 — First Commons Bank will celebrate the fourth anniversary of operations by offering free parking to support the local merchants and shoppers of Newton Centre and Wellesley Square on Monday, Sept. 16, 2013.

On Sept. 16th, First Commons Bank shopping bags will cover many of the parking meters in Newton Centre and Wellesley Square as the bank picks up the tab to provide free parking for shoppers, residents, and visitors in support of their local business districts.

The free parking event will kick off a week-long celebration, Sept. 16th-21st, at both First Commons Bank branches — 718 Beacon St. in Newton Centre and 161 Linden St. in Wellesley. Visitors to the offices will be able to participate in daily gifts and prizes, drawings for new iPad Minis, special banking offers, refreshments, balloons for the children, and other surprises.

Since 2009, First Commons Bank has grown to become larger in total assets than 60% of all FDIC-insured banks in the U.S. The bank opened its Wellesley branch office in 2011. It sponsored its first free parking day in Newton Centre in 2010.

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 $229,363,000 as of June 30, 2013 — after only 47 months of operation, making it larger than 60% of all FDIC-insured banks in the U.S. First Commons Bank locations include its headquarters at 718 Beacon Street in Newton Centre, Mass., and 161 Linden Street 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.


Thursday, June 27th, 2013

First Commons Bank Wins #1, Gold Regional Community Bank Awards in Readers Choice Competition

WELLESLEY, MASS. — June 27, 2013 — First Commons Bank has been named the “#1 Community Bank” in Newton, and the “Gold Regional Favorite Community Bank” in Newton/Needham/Wellesley, in the 2013 Wicked Local Readers Choice Awards.

More than 400,000 votes were cast in the 2013 competition to honor the “Best in Town/The Best Around” choices in a variety of product and service categories, according to GateHouse Media New England, which sponsors the program through its Wicked Local hyper-local community websites. The competitive readers’ poll is designed to reward those people, businesses and establishments that make a town a great place to live.

“We are especially honored by these awards — #1 Community Bank and Regional Gold Community Bank — in that they were bestowed by the neighbors and clients we know and see daily. The awards demonstrate that we deliver Common Sense Banking and are the antithesis of the big banks,” said Tony Nuzzo, Chairman, President and CEO of First Commons Bank.

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 $222,527,000 as of March 31, 2013 – after only 44 months of operation and making it larger than 59 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 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.


Monday, June 24th, 2013

First Commons Bank Sponsors Newton Race Series

NEWTON, MASS. — June 24, 2013 — First Commons Bank is once again a lead sponsor for the annual Newton Race Series developed by Fattman Productions. The three races in the series are: (1) The recently run Newton 10k to benefit the Dreamfar High School Marathon, a student marathon training program. Dreamfar was founded at Newton South. There are chapters at both Newton South and Newton North high schools; (2) The Bill’s Pizzeria 5k to benefit the Travis Roy Foundation to be held in October; and The Fattman Cup Chilly Half Marathon to benefit the American Liver Foundation to be held in November.

PHOTO: Oscar Moreno, Director of Branches and Business Banking for the bank, and Lena Chouljian, Newton Centre Branch Manager, presented the First Commons Bank annual sponsorship check of $3,500 to Kelly Fattman, Founder, Fattman Productions. The presentation took place on Friday, May 30, at the First Commons Bank Newton Centre branch at 718 Beacon Street.

This sponsorship represents the fourth consecutive year First Commons Bank supported the Newton Race Series.

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 $222,527,000 as of March 31, 2013 – after only 44 months of operation and making it larger than 59 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 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.

About Fattman Productions

Fattman Productions partners with companies and non-profits of all sizes to meet both short and long term goals. The firm’s expertise in all phases of strategic planning, marketing, promotions, and event planning enables Fattman Productions to build relationships that yield measurable results and enduring success. For more information, visit the Fattman Productions website at http://fattmanproductions.com.


Thursday, April 25th, 2013

First Commons Bank Grows to a $222 Million Institution in Only 44 Months; Net Loans up 33%

Now Profitable for Five Consecutive Quarters

NEWTON, MASS. — April 25, 2013 — First Commons Bank of Newton, Mass., today reported that it achieved a Total Asset level of $222,527,000 as of March 31, 2013, after only 44 months of operation. Total assets grew by approximately $40 million, or 22 percent, for the 12-month period ended March 31, 2013. Net loans increased by $49 million, or 33 percent, for the same 12-month period.

Net income for the three month period ended March 31, 2013, was $196,000, compared to $121,000 for the three month period ended March 31, 2012, representing a 61 percent increase. Each year’s net income had both operating profitability and gains on the sale of securities.

First Commons Bank’s assets have now surpassed the assets of more than 4,190 other banks – or more than 59 percent of the 7,040 FDIC-insured banks which filed FDIC call reports for the period ended December 31, 2012.

The Bank’s Net Interest Margin for the three month period ended March 31, 2013, was 3.52 percent compared to 3.46 percent for the three month period ended March 31, 2012.

Tony Nuzzo, Chairman, President and CEO of First Commons Bank said, “We are pleased with our continued growth, especially in the loan portfolio. We are also pleased that as a bank which was established on July 22, 2009, we have now reported net positive operating income for five consecutive quarters.”

First Commons Bank’s financial results are available on the FDIC Web site at: http://goo.gl/Q6D3D.

 

First Commons Bank Selected Balance Sheet Items

 

March 2013

March 2012

Total Assets

$222,527,000

$182,595,000

Net Loans

$197,979,000

$148,446,000

Deposits

$198,880,000

$161,751,000

Loans to Deposits

99%

91%

 

First Commons Bank Selected Performance Metrics

Three Months Ended

March 2013

Three Months Ended

March 2012

Net Income

$195,862

$121,111

Net Interest Rate Spread

3.38%

3.32%

Net Interest Margin

3.52%

3.46%

Non-Interest Expenses as a Percent of Average Assets

2.93%

3.26%

Return on Average Assets

0.36%

0.27%

Return on Average Equity

3.52%

2.57%

 

 

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 $222,527,000 as of March 31, 2013 – after only 44 months of operation and making it larger than 59 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 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.

 


Monday, February 25th, 2013

First Commons Bank Promotes Oscar Moreno to Vice President, Director of Branches and Business Banking

Press Release – For Immediate Release

 First Commons Bank Promotes Oscar Moreno to Vice President, Director of Branches and Business Banking

Newton, MASS. – February 25, 2013 – First Commons Bank, N.A., of Newton, Mass., has announced the promotion of Oscar Moreno to Vice President, Director of Branches and Business Banking.

“Since Mr. Moreno joined First Commons Bank in October, 2012, as Business Banking Officer, he has advanced both our business banking and consumer services development efforts which have, in turn, contributed to the continued strong growth of our bank,” said Tony Nuzzo, Chairman, President, and Chief Executive Officer.

In his new position, Mr. Moreno will head the bank’s branches in Newton Centre and in Wellesley, as well as lead its overall Business Banking programs.

Mr. Moreno has more than 11 years of banking experience. Prior to joining First Commons Bank, he was with East Boston Savings Bank as Business Development Officer, and previously with Eastern Bank as Manager, Banking Officer, and Team Leader.

Mr. Moreno earned a BS in Business Administration from the University of Arizona and completed the School of Commercial Lending program at Babson College.

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 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, July 27th, 2012

First Commons Bank Recognizes Deferred Tax Asset to Deliver More Than $2.8 Million in Profitability, While Growing to $194 Million in its 12th Qtr

For Immediate Release

First Commons Bank Recognizes Deferred Tax Asset to Deliver More Than $2.8 Million in Profitability, While Growing to $194 Million in its 12th Qtr

— After 12 Quarters of Operations, Mass. Bank is Now Larger than 56% of All FDIC-Insured Banks Nationally —

NEWTON, MASS. — July 27, 2012 — First Commons Bank of Newton, Mass., today reported Net Income of $2,879,000 for the quarter ended June 30, 2012, reflecting the recognition of a Deferred Tax Asset in the amount of $2,750,000 after the bank experienced seven (7) consecutive months of sustained operating profitability. Assets grew to more than $194 million during the 12th quarter of operations ended June 30, 2012. This reflects a 45% increase, or an increase of more than $57 million, versus the asset level of $136 million reported last year for the quarter ended June 30, 2011.

“I am delighted to report that we achieved net operating income in every month since December 2011 — allowing us to recognize a Deferred Tax Asset of $2,750,000 this quarter,” said Tony Nuzzo, Chairman, President, and CEO of First Commons Bank.

“Although it has been only three years since we received our national bank charter from the Office of the Comptroller of the Currency on July 22, 2009, we have already grown to be a $194 million bank while delivering sustained profitability,” he said.

“With more than 7,200 FDIC-insured banks in the U.S. filing reports for the quarter ended March 31, 2012, First Commons Bank’s assets have now surpassed the assets of more than 4,000 other banks — or more than 56% of all FDIC-insured banks nationally in just three years,” Nuzzo noted.

The bank reported net loans grew to $160 million, compared to $94 million as of June 30, 2011, representing an increase of 70% or $66 million. The bank’s net interest margin increased to 3.45%, compared to 3.01% as of June 30, 2011.

First Commons Bank’s financial results are available on the FDIC’s Web site at http://goo.gl/7tIUX.

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, reports total assets of more than $194 million, making it larger than 56% 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, 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, September 16th, 2011

First Commons Bank Celebrates Grand Opening of Wellesley Branch Office; Receives Official Citations from State Representative Alice Hanlon Peisch

Wellesley, Mass. — September 16, 2011 — The directors and management of First Commons Bank, along with officials from the Town of Wellesley, Mass., and the Wellesley Chamber of Commerce, joined to officially celebrate the opening of the bank’s second branch office at 161 Linden Street in Linden Square, Wellesley, Mass. on Wednesday. The Newton-based bank began operations on July 22, 2009, and serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.

State Representative Alice Hanlon Peisch presented official citations from the Massachusetts Senate and from the Massachusetts House of Representatives to Tony Nuzzo, Chairman, President and CEO, congratulating the bank on its second branch and wishing the bank continued success.

In addition to Peisch, those participating in the festivities included Wellesley Chamber President and CEO Maura M. O’Brien, Wellesley Selectmen Owen Dugan and Terri Tsagaris, Wellesley Fire Chief Rick Delorie, Deputy Fire Chief Jeff Peterson, and Wellesley Police Department Lieutenants Marie Cleary and Jack Pilecki.

“This week we are celebrating our second new branch and the bank’s second anniversary of operations,” said Nuzzo. “Here in Wellesley, as we have done in Newton, we will strive to become long-term financial partners with our clients while offering best-in-class customer service; easy access to funds; and fast, logical loan decisions.”

Nuzzo introduced Debby Chui, Vice President and Branch Manager in Wellesley, and Brian Mann, Assistant Branch Manager. “Together, the team has 33 years of banking experience and extensive knowledge of the local community that includes more than 20 years in the town of Wellesley,” he said.

Operating hours for the new office will be Monday-Wednesday, 8:30 to 5:00; Thursday and Friday, 8:30 to 6:00; and Saturday, 8:30 to 2:00. The bank’s phone number is 617-243-4400 and the Web address is http://www.firstcommonsbank.com.

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, 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://www.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, Inc., 781-793-9380, dgoncalves@tizinc.com

Download high-resolution photos for publication from: http://goo.gl/Zr4Al

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


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