Founded in Somerville in 1969 by Marshall M. Sloane, Century Bank is now New England's largest family-run bank. Century Bank has nearly $4 billion in assets with 27 offices in 19 cities and towns in Massachusetts. Marshall is joined at the bank by his son Barry Sloane, President and CEO and his daughter Linda Sloane Kay, Executive Vice President.
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, 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, a record that remains unbroken in modern banking history. 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.
Today
The Sloane family history is deeply rooted in the community, raising their families on the same values that they've extended into the company's mission: honesty, integrity, hard work, unwavering focus, patient expectations, ethical behavior and a lifelong commitment to their community. Century Bank is a prominent lender to local businesses, municipalities, not-for-profit organizations and families. Now headquartered in Medford, MA, Century Bank employs more than four hundred associates, many of whom have been part of the Century family for decades.
In 2014, Century Bank was once again named one of the top performing small-cap banks in the nation by Sandler O'Neill, a top investment banking firm specializing in financial services companies. Century Bank is acknowledged annually in the Boston Globe 100 as one of the top performing publicly traded companies in Massachusetts. In 2013, Century Bank recently received a prestigious recognition as one of the top performing banks in the US and only one of five to be recognized in New England.
References
External links
- Official website
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