Century Bank

Century Bank was a Massachusetts banking institution founded in Somerville in 1969 by Marshall M. Sloane. It was established as a locally focused commercial bank at a time when its founders believed Somerville needed a new community-based financial institution. The bank received its charter in November 1968, was incorporated on January 10, 1969, and opened on May 1, 1969, initially operating from a temporary trailer on the Massachusetts Metropolitan District Commission's property at 102 Fellsway West. The institution grew quickly from its modest beginnings. On its first day, Century Bank reportedly accepted approximately $1.1 million in deposits without a major promotional campaign. Deposits reached about $4 million within four weeks and exceeded $7 million after eight weeks. By the end of 1969, the bank's assets had surpassed $17 million. This early expansion established Century as one of the fastest-growing banks in Massachusetts during its first year. Over time, Century Bank developed from a Somerville start-up into a substantial regional institution serving communities across Massachusetts. Its customer base included local businesses, municipalities, nonprofit organizations, and families. The bank's offering was centered on commercial and community banking rather than a narrowly defined consumer niche. Its activities included lending and deposit services for organizations and households, with a particular emphasis on relationships with local borrowers and institutions. Century remained closely associated with the Sloane family. Marshall M. Sloane founded the bank and served as its early leader. His son, Barry Sloane, later became chairman, president, and chief executive officer, while his daughter, Linda Sloane Kay, served as vice chair. The family-owned character of the institution became a defining feature of its identity; at one point, Century was described as the largest family-run bank in Massachusetts. Before its combination with Eastern Bank, Century Bank was headquartered in Medford and operated 27 offices across 19 Massachusetts cities and towns. It had more than 400 employees and reported assets exceeding $6 billion. The bank was also recognized in the Boston Globe 100 rankings, which highlighted high-performing Massachusetts companies. The available reference material describes the bank as publicly traded in connection with those rankings, but the supplied sources do not establish a ticker or detailed listing history; accordingly, no ticker is assigned here. Century's independent existence ended through a merger with Eastern Bank. Eastern Bankshares announced the transaction on April 7, 2021, and the merger was completed on November 12, 2021, with Eastern remaining as the surviving bank. Century Bank therefore no longer operates as an independent banking brand, although its historical importance lies in its long growth from a temporary Somerville branch into a large Massachusetts community and commercial banking network.

Century Bank's origins date to early 1968, when Marshall M. Sloane identified what he viewed as a need for a new community-based commercial bank in Somerville, Massachusetts. On November 21, 1968, Sloane and 20 other local businesspeople received a charter to establish Century Bank and Trust Company. The bank was incorporated on January 10, 1969, making it the first new bank established in Somerville since the mid-nineteenth century. Century opened for business on May 1, 1969, from a temporary trailer located on the Massachusetts Metropolitan District Commission's sidewalk at 102 Fellsway West in Somerville. Marshall M. Sloane served as president and began operations with seven employees. The bank attracted approximately $1.1 million in deposits on opening day without extensive promotional activity. Deposits reached about $4 million within four weeks and more than $7 million within eight weeks. By December 31, 1969, total assets had exceeded $17 million, making Century one of the fastest-growing Massachusetts banks during its first year. The institution subsequently expanded its branch network and developed a broad Massachusetts customer base. Its banking relationships covered local businesses, municipalities, nonprofit organizations, and families. This mix reflected a community and commercial banking model in which the bank served both institutional borrowers and households. Century's identity also remained strongly connected to the Sloane family. Marshall's son, Barry Sloane, later held the roles of chairman, president, and chief executive officer, while Marshall's daughter, Linda Sloane Kay, served as vice chair. The family-run structure became an important part of the bank's public profile, and Century was at one point characterized as Massachusetts' largest family-run bank. In its later years, Century was headquartered in Medford, Massachusetts. It operated 27 offices in 19 cities and towns across the state and employed more than 400 people. Its assets exceeded $6 billion before the merger with Eastern Bank. The bank was also included in Boston Globe 100 coverage recognizing leading Massachusetts companies. The supplied reference identifies the ranking as involving publicly traded companies, but does not provide sufficient information to determine Century's exact listing status or any ticker symbol. Century's independent history concluded in 2021. Eastern Bankshares announced on April 7 that it would merge with Century Bank, with Eastern serving as the surviving bank. The transaction closed on November 12, 2021. Following completion, Century Bank ceased to exist as an independent institution, and its business became part of Eastern Bank's continuing organization.

• 2021

  Merger announced

  [1]Century Banken.wikipedia.org

  Eastern Bankshares announced its planned merger with Century Bank on April 7.

• 2021

  Merger completed

  [1]Century Banken.wikipedia.org

  The combination with Eastern Bank closed on November 12, ending Century Bank's independent operations.

• 1969

  Incorporation and opening

  [1]Century Banken.wikipedia.org

  Century Bank was incorporated on January 10 and opened on May 1 from a temporary trailer in Somerville.

• 1969

  Rapid first-year growth

  [1]Century Banken.wikipedia.org

  Deposits rose from approximately $1.1 million on opening day to more than $7 million within eight weeks, while year-end assets exceeded $17 million.

• 1968

  Charter granted

  [1]Century Banken.wikipedia.org

  Marshall M. Sloane and 20 other businesspeople received a charter to establish Century Bank and Trust Company in Somerville.

A Massachusetts-focused community and commercial bank emphasizing local relationships, lending to businesses and institutions, and long-term family ownership.

• Business banking

  Commercial banking

  Century Bank provided relationship-oriented banking for local businesses and other commercial customers. Its role as a Massachusetts community bank included business deposits, credit relationships, and lending intended to support organizations operating in the communities served by its branch network.

• Institutional banking

  Municipal and nonprofit banking

  The bank served municipalities and nonprofit organizations alongside its business and household customers. The available sources identify these groups as part of Century's customer base, but do not provide enough detail to separate individual account products or named programs.

• Retail banking

  Family and consumer banking

  Century also served families and individual customers through its community banking network. Specific consumer account names, loan products, and digital services are not identified in the supplied reference material.

• 2021

  Agreement to merge with Eastern BankM&A

  Background

  After more than five decades as an independent Massachusetts bank, Century Bank agreed to combine with Eastern Bankshares.

  Action taken

  Eastern Bankshares announced the transaction on April 7, 2021, with Eastern Bank designated as the surviving institution.

  Aftermath

  The merger closed on November 12, 2021, and Century Bank ceased operating as an independent bank.

  Source

1. 1Century Banken.wikipedia.org