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Posts Tagged ‘first commons bank’

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.

Tags: community banking, community banks, Earnings, first commons bank, Massachusetts, new bank, Newton, Newton Centre, tony nuzzo, Wellesley
Posted in Business |

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.

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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Tags: community bank, community banking, first commons bank, Newton, Oscar Moreno, Wellesley
Posted in Business |

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.

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

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Tags: bank, community bank, first commons bank, Newton, tony nuzzo, Wellesley
Posted in Business |

Wednesday, October 31st, 2012

First Commons Bank Grows to a $200 Million Institution in 38 Months

Press Release — For Immediate Release

First Commons Bank Grows to a $200 Million Institution in 38 Months

NEWTON, MASS. — October 31, 2012 — First Commons Bank of Newton, Mass., today reported that it achieved a Total Asset level of $200,435,000 as of September 30, 2012, after only 38 months of operation. Total assets have grown by $48 million, or 31%, for the 12 month period ended September 30, 2012. Net loans increased by $60 million, or 57%, for the same 12 month period.

Net income for the nine month period ended September 30, 2012 is $3.1 million, compared to a loss of $2.2 million for the nine months ended September 30, 2011.

Tony Nuzzo, Chairman, President and CEO of First Commons Bank said, “2012 Net Income has been 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 has been positive for every month since December 2011.”

First Commons Bank’s assets have now surpassed the assets of more than 4,100 other banks — or more than 57% of the 7,200 FDIC-insured banks which filed FDIC call reports for the period ending June 30, 2012.

The Bank’s Net Interest Margin for the nine month period ended September 30, 2012, was 3.50% compared to 3.00% for the nine month period ended September 30, 2011.

First Commons Bank’s financial results are available on the FDIC’s Web site at: https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdiccert&id=58923&date=09302012.

First Commons Bank Selected Balance Sheet Items
	September 2012	September 2011
Total Assets	$200,435,000	$152,272,000
Net Loans	$166,496,000	$105,614,000
Deposits	$176,905,000	$132,965,000

First Commons Bank Selected Performance Metrics
	Nine Months Ended September 30, 2012	Nine Months Ended September 30, 2011
Net Income	$3,100,000	<$2,200,000>
Interest Rate Spread	3.36%	2.82%
Net Interest Margin	3.50%	3.00%

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 $200,435,000 as of September 30, 2012 — after only 38 months of operation and making it larger than 57% of all FDIC-insured banks in the U.S.

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.

# # #

Tags: Boston bank, community bank, first commons bank, Massachusetts, Newton, Newton Centre, tony nuzzo, Waltham, Wellesley
Posted in Business |

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 12^th 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 12^th 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.

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.

Tags: community banking, first commons bank, Newton, Wellesley
Posted in Business, Uncategorized |

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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Tags: bank, community bank, first commons bank, Massachusetts, Newton, tony nuzzo, Waltham, Wellesley
Posted in Business |

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 10^th 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 29^th, 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.

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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Tags: bank, banks, community banks, first commons bank, Newton, tony nuzzo, Wellesley, Wellesley Chamber of Commerce
Posted in Business |

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. 14^th, 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

Tags: bank, community bank, first commons bank, Massachusetts, Newton, Newton Centre
Posted in Business |

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

Tags: banking, community banking, first commons bank, Massachusetts, tony nuzzo, Wellesley
Posted in Business |

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

Tags: bank, banking, community bank, eastern Massachusetts, first commons bank, Newton, Waltham, Wellesley
Posted in Uncategorized |

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