Century Bank
{{Cleanup bare URLs|date=August 2022}}
{{Infobox company
| name = Century Bank
| logo = Logo-and-Tagline4 rev.jpg
| key_people = Marshall M. Sloane, Founder; Barry R. Sloane, Chairman, President & CEO; Linda Sloane Kay, Vice Chair
| industry = Banking
| products =
| revenue =
| operating_income =
| assets = US$ 6 billion (2017)http://www.snl.com/Cache/1500101402.PDF?Y=&O=PDF&D=&FID=1500101402&T=&IID=100209 {{Bare URL PDF|date=September 2022}}
| num_employees = 740
| fate = Acquired by Eastern Bank
| homepage = CenturyBank.com [https://www.CenturyBank.com]
| foundation = Century Bank, 1969
| location = Medford, Massachusetts, United States
}}
Century Bank was a bank based in Massachusetts. It was founded in Somerville, Massachusetts in 1969 by Marshall M. Sloane and at one point became the state's largest family-run bank.http://www.snl.com/Cache/1001208150.PDF?Y=&O=PDF&D=&FID=1001208150&T=&IID=100209 {{Bare URL PDF|date=September 2022}} Century Bank had over $6 billion in assets with 27 offices in 19 cities and towns in Massachusetts. Marshall’s son, Barry Sloane, sat as Chairman, President & CEO while Marshall’s daughter, Linda Sloane Kay, was the Bank’s Vice Chair. Century Bank was a lender to local businesses, municipalities, not-for-profit organizations and families. Headquartered in Medford, MA, Century Bank employed more than four hundred staff.{{cite web |title=Marshall M Sloane, Century Bancorp Inc: Profile and Biography |website=Bloomberg News |url=https://www.bloomberg.com/research/stocks/people/person.asp?personId=259506&ticker=CNBKA}}
History
On May 1, 1969, Century Bank and Trust Company officially opened its doors in a temporary trailer parked on the M.D.C.'s sidewalk at 102 Fellsway West in Somerville. The Bank's beginning started in early 1968 with the idea of one man, Marshall M. Sloane,{{Cite web|url=https://www.bostonglobe.com/business/2014/04/26/marshall-sloane-but-still-charge/nQfpcayDH5BNnDJcCo4tAM/story.html|title=Marshall Sloane, 88, still in charge at Century Bank - the Boston Globe|website=The Boston Globe}} as there was a great need for a community-based commercial bank in Somerville. By November 21, 1968, he and 20 other businessmen were granted a charter to establish the Century Bank & Trust Company. On January 10, 1969 Century Bank was incorporated, becoming the first new bank in Somerville since the mid-1800s.
Opening day in the trailer saw President Marshall M. Sloane and seven employees realize the fruits of their labor. Without any promotional efforts, the new bank took in $1.1 million in deposits for a profitable first day. In four weeks, deposits had grown to $4 million; in eight weeks they were over $7 million; and by December 31, 1969, the total assets had passed the $17 million mark. Century Bank had become the fastest growing bank in Massachusetts history in its first year of operation.{{citation needed|date=October 2015}}
Century Bank was acknowledged annually in the Boston Globe 100 as one of the top performing publicly traded companies in Massachusetts.{{Cite press release|url=http://www.businesswire.com/news/home/20141008005963/en/Century-Bank-Honored-Fourth-Appearance-Sandler-O%E2%80%99Neill#.VMv6ndLF8t0|title = Century Bank Honored to Make Fourth Appearance on Sandler O'Neill + Partners' "Sm-All Stars" List|date = 8 October 2014}}
On April 7, 2021, Eastern Bankshares announced that they are merging with Century Bank with Eastern as the remaining bank.{{Cite news|url=https://www.businesswire.com/news/home/20210407006031/en/Eastern-Bankshares-Inc.-and-Century-Bancorp-Inc.-Enter-Into-Definitive-Agreement-To-Merge|title=Eastern Bankshares, Inc. and Century Bancorp, Inc. Enter Into Definitive Agreement To Merge}}{{Cite web|url=https://www.americanbanker.com/news/eastern-bankshares-to-buy-century-bancorp-for-642-million|title=Eastern Bankshares to buy Century Bancorp for $642 million|date=April 8, 2021|website=American Banker}} The merger completed on November 12, 2021.{{Cite web|url=https://finance.yahoo.com/news/eastern-bankshares-inc-announces-completion-211500850.html?fr=sycsrp_catchall|title=Eastern Bankshares, Inc. Announces Completion Of Merger With Century Bancorp, Inc. Yahoo! Finance: November 12, 2021}}
References
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External links
- [http://www.centurybank.com/ Official website]
Category:Medford, Massachusetts
Category:1969 establishments in Massachusetts
Category:Banks based in Massachusetts
Category:Banks established in 1969
Category:Companies based in Middlesex County, Massachusetts