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Posts Tagged ‘Waltham’


Wednesday, October 2nd, 2013

“Combination Products: What You Need to Know” Seminar for Medical Device, Pharmaceutical Manufacturers is Scheduled for October 31st in Boston

AGAWAM, MASS. — October 2, 2013 — A full-day technical seminar designed to assist medical device and pharmaceuticals with what they need to know about manufacturing combinations products, including best practices and applicable FDA regulations, is scheduled for Thursday, October 31st, in Waltham, Mass., just outside Boston.

Combination products are a large and growing segment of the medical device market. Some analysts estimate they represent more than 30% of all new FDA product submissions. But for manufacturers, the convergence of drugs, biologics, and devices presents a host of best practice and regulatory issues.

Titled “Combination Products: What You Need to Know,” the seminar will outline a realistic approach for manufacturers to navigate the testing, production, and regulatory standards related to the manufacture of combination products. Topics will include:

  • Combination Products —What You Need To Know: Overview of regulatory hurdles for combination products highlighting the determination of PMOA.
  • Applications of Lean to Combination Product Manufacturing: Case studies specific to applying lean to manufacturing of combo products for clinical use.
  • In-Process and Release Testing PTC: Outline of in-process and release testing points to consider during development and specification determination.
  • EM Monitoring of GMP Manufacturing Space: Current EM procedures for setting up GMP manufacturing.
  • Choosing the Right CMO: Discussion of best practices to determine a right fit CMO.

Combination Products: What You Need to Know,” will be presented by Microtest Laboratories, a leader in testing services and contract manufacturing for the medical device, pharmaceutical, and biotechnology industries. The seminar will be held at the Conference Center at Waltham Woods in Waltham, Mass., just outside Boston, on Thursday, October 31, 2013, from 9:00 a.m. to 3:00 p.m. Registration is at 9:00 a.m. Continental breakfast, break refreshments and luncheon is included.

To register, download the form at http://www.microtestlabs.com. Or, contact Julie Adamski at Microtest Laboratories by phone at 1-800-631-1680, ext. 192, or by email at jadamski@microtestlabs.com. The registration fee is $149.

The seminar is one in a continuing series of technical events presented by Microtest Laboratories for medical device and pharmaceutical manufacturers. The seminars tend to fill up quickly so please register early! Follow Microtest Laboratories on Facebook at http://goo.gl/pHNP63, on LinkedIn at http://goo.gl/H8ZLnM or on Twitter @MicrotestLabs.

About Microtest Laboratories

Microtest Laboratories is a leader in testing services and contract manufacturing for the medical device, pharmaceutical, and biotechnology industries. Based in Agawam, Massachusetts, USA, the company provides expertise and flexible processes that enhance product safety and security, accelerate time to market, and minimize supply chain disruption. For more information, visit http://www.microtestlabs.com or call 1-413-786-1680 or toll-free 1-800-631-1680.


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.

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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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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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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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, June 3rd, 2011

Debby Chui, Brian Mann Join First Commons Bank to Lead New Wellesley Branch

Newton, Massachusetts, USA – June 3, 2011 – First Commons Bank, N.A., of Newton, Mass., has announced the management team for its soon-to-open Wellesley branch office: Debby Chui will be Vice President and Branch Manager, and Brian Mann will be Assistant Branch Manager. The Wellesley branch is scheduled to open this summer at 161 Linden Street, in Linden Square. First Commons Bank opened for business on July 22, 2009, and serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.

“We are pleased that Debby and Brian joined our team. Together, they have 33 years of banking experience and, more importantly, they have over 20 years of Retail Banking experience in the town of Wellesley. Debby and Brian will provide our clients with solid banking expertise as well as extensive knowledge of the local community,” said Tony Nuzzo, Chairman, President, and Chief Executive Officer.

As Vice President and Branch Manager, Ms. Chui, of Newton, Mass., will be responsible for the daily sales and operations of the new Wellesley office; and she will be reporting to Mark Jurilla, Chief Retail Officer. Prior to joining First Commons Bank, Ms. Chui was Vice President and Branch Manager of two RBS Citizens Bank branches in Wellesley. She managed the Linden Street branch from 2006 until 2011, adding responsibility for the Central Street branch in 2007 until 2011. Prior to joining RBS Citizens, Ms. Chui was a Project Manager for Dataware Solutions in Burlington, Mass., where she managed the Putnam account. Previously, she was a Business Consultant for CGU in Foxboro, Mass. Ms. Chui is active in the Wellesley community. She is a member of WOW (World of Wellesley), a nonprofit organization supporting minority professionals in Wellesley. She is also a past board member of the Wellesley Chamber of Commerce. Ms. Chui is a graduate of Brandeis University.

Mr. Mann, of Newton, Mass. will be the Assistant Branch Manager in Wellesley and support the branch’s day-to-day sales and operations. Mr. Mann has 27 years of banking experience. Before joining First Commons Bank, Mr. Mann was a banking executive in the Wellesley community for 16 years. He was Assistant Branch Manager for Cambridgeport Bank in Wellesley for 8 years and remained Assistant Branch Manager with RBS Citizens when it acquired Cambridgeport in 2003. Previously, Mr. Mann was a Mortgage Consultant Manager with Cambridgeport in Cambridge, Mass. He was also a Branch Manager for The Provident Institution for Savings, in Boston. Mr. Mann is a graduate of Suffolk University.

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 July 2009, reports total assets of more than $119 million, making it larger than 41% 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, Mass. Follow First Commons Bank on Facebook at http://facebook.com/firstcommonsbank, on Twitter at http://twitter.com/firstcommonsbnk, and on LinkedIn at http://www.linkedin.com/company/first-commons-bank-newton-centre-ma.

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Friday, April 29th, 2011

First Commons Bank Raises $7.4 Million in Private Placement — Assets Grow to $119 Million in 7th Quarter of Operations

fcb-square1Newton Centre, Massachusetts — April 29, 2011 — First Commons Bank of Newton, Mass., today announced it had raised approximately $7.4 million of new capital in a private placement that ended April 20, 2011. Approximately $5.9 million was raised in the quarter ending March 31, 2011, contributing to an 8.5% increase in total assets to $119 million versus the previous quarter ending December 31, 2010. First Commons Bank opened for business on July 22, 2009, and serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.

“We are pleased with our continued ability to raise capital in these difficult economic times. Since the bank’s deposit growth has exceeded initial expectations, the net proceeds from the sale of common stock in our recent offering will provide us with new Tier 1 regulatory capital that provides additional room for growth. The new $5.9 million in capital raised by March 31, 2011, brought our total capital raised to almost $25 million since pre-formation and our March 31, 2011, Tier 1 capital ratio to 15.81%,” said Tony Nuzzo, Chairman, President, and Chief Executive Officer. “Additionally, our loans grew by approximately 10% and our net interest margin grew by approximately 20%, reflecting our focused pursuit of sustained profitability.”

“It is also interesting to note that with more than 7,500 FDIC-insured banks in the U.S. filing quarterly reports for the quarter ended December 31, 2010, First Commons Bank assets have now surpassed those of more than 3,100 other banks, or more than 41 percent, after just 7 quarters of operations,” Nuzzo said.

First Commons Bank financial results are available on the FDIC Website at http://www.fdic.gov or directly through this link: 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 $119 million, making it larger than 41% 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, on Twitter at http://twitter.com/firstcommonsbnk 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


Wednesday, January 26th, 2011

First Commons Bank Reports a 39 Percent Increase in Loans in Sixth Quarter of Operations

- New Newton, Mass. Bank Reports Significant Progress After Less Than 18 Months of Operations -

Newton Centre, Mass. – January 26, 2011 – First Commons Bank reported that during its sixth quarter, ending December 31, 2010, loans increased by 39 percent versus the quarter ending September 30, 2010, and by 636 percent versus the same quarter last year, ending December 31, 2009. Additionally, its total assets have grown to more than $110 million, representing a 4 percent increase versus last quarter and a 72 percent increase versus the same quarter last year. The bank opened for business on July 22, 2009, and serves businesses and individuals in Newton, Wellesley, Waltham, and eastern Massachusetts.

“I am pleased with the progress of our new bank on all fronts this quarter and I am especially pleased that loans increased by 39 percent and our total loan portfolio remains without a single loan that is 30 days or more past due,” said Tony Nuzzo, Chairman, President, and Chief Executive Officer. “Our loans grew five to six times faster than our deposits, which, we believe, reflects our ability to fill consumer and business lending voids created by the large banks.

“For the 12 months ending December 31, 2010, our net interest margin grew by more than 300 percent and our net income improved by 25 percent,” said Nuzzo. “Although sustained profitability is not expected for several quarters, we are clearly making progress toward this objective.”

“We are also pleased that with more than 7,600 FDIC-insured banks in the U.S. filing quarterly reports for the quarter ended September 30, 2010, First Commons Bank assets have now surpassed those of more than 2,900 other banks, or more than 38 percent, after just six quarters of operations,” 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 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.

# # #

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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