Local lenders had a strong showing in 2009, with Massachusetts-based institutions holding their own against national and regional banks, according to data compiled by The Warren Group and presented here in Banker & Tradesman’s first annual "Top Lenders" section.
The data was sorted by both loan dollar volume and number of loans, and divides lenders into mortgage companies, banks and credit unions.
In banking, while giant institutions predictably dominated most residential categories, local institutions managed to carve out strong niches for themselves.
Cape Cod Five Cents Savings Bank had one of the strongest showings by a local institution in single-family and refinance business, with $622 million in refinance dollars for 2009 and $118.8 million in single-family purchases, good for sixth and seventh place on our lists. The mid-pack finish looks better when considering the top five spots were taken up by national and regional heavyweights Bank of America, Wells Fargo, Sovereign Bank, RBS Citizens and TD Bank.
For credit unions, Brockton-based HarborOne was No. 1 with $356.9 million in refinances. Pittsfield’s Greylock Federal Credit Union was tops in purchases, with $50 million.
In jumbo loans, Needham Cooperative Bank dominated among local players: It came in at No. 2 with $108.4 million in purchases, with 85 loans total. Boston Private Bank, its nearest competitor, did $66.9 million on 54 such loans.
Bank of Canton came on strong in condo loans, taking the No. 3 slot at $81.9 million, behind Bank of America and Wells Fargo. Bank of Canton was also the top local bank for multi-family lending, doing $16.4 million in loans and placing in the No. 6 position. It also did $133.4 million in single-family loans.
On the commercial side is where local institutions really shined. Rockland Trust Co. was No. 1 in industrial and manufacturing mortgages with $56.2 million, good for a slight edge over TD Bank. Danversbank was No. 3 in the category.
Local mortgage companies also factored into the mix in 2009. Walpole’s Mortgage Master was the top contender, with Salem Five Mortgage Corp. often at its heels.
Notably, our lists aren’t organized based on asset size, but contain raw data that effectively pits community banks against giant institutions under the same set of standards. Despite this, local lenders were competitive in almost every niche. Charts on the following pages give a full account of lender rankings.
