Century Bank

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Century Bank
Industry Banking
Founded Century Bank, 1969
Headquarters Medford, Massachusetts, United States
Key people
Marshall Sloane, Founder and Chairman, Barry Sloane, President and CEO, Linda Sloane Kay, Executive Vice President
Total assets US$ 4.1 billion (2016)[1]
Number of employees
400
Website CenturyBank.com [1]

Founded in Somerville, Massachusetts in 1969 by Marshall M. Sloane, Century Bank is now New England's largest family-run bank.[2] Century Bank has over $4 billion in assets with 27 offices in 19 cities and towns in Massachusetts.[3] Marshall is joined at the bank by his son Barry Sloane, President and CEO and his daughter Linda Sloane Kay, Executive Vice President.

History[edit]

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,[4] 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.[dubious ] 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]

Today[edit]

Century Bank is a lender to local businesses, municipalities, not-for-profit organizations and families. Now headquartered in Medford, MA, Century Bank employs more than four hundred staff.[5]

Century Bank is acknowledged annually in the Boston Globe 100 as one of the top performing publicly traded companies in Massachusetts.[6]

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