Florence Bank is headquartered in Florence and is the 26th largest bank in the state of Massachusetts. It is also the 564th largest bank in the nation. It was established in 1873 and as of June of 2022, it had grown to 207 employees at 13 locations. Florence Bank has an A health rating.
I have had a checking - and at one time, a savings - account with Florence Savings for well over 15 years. I'm a big believer in trying to keep my money close to the community, where it can do more good, and as a result, I've eschewed banking at big national companies like TD or BoA. The customer service is excellent, the branch locations are convenient to where I live and work, and the bank is clearly taking the time and spending the money to keep up with online offerings, which I believe are comparable to what the "big boys" have, with robust online web and phone based banking tools. My only complaint is that I've generally had a much easier time obtaining reasonable mortgage and HELOC terms with the competing co-operative bank.
I was a customer for many years before leaving the area. I recently moved back to the area and used the ATM at Main and Pleasant Street. I paid the usual bank RIP OFF fee to get a hundred dollars from the account and then walked into the bank and asked a teller if I could exchange 5 $20 dollar bills for 1 $100 dollar bill. She asked if I had an account and when I said no, she said she can't "make change" if I'm not a customer. How sad and what poor customer service. I'll never go back.
Can't speak for their residential loan services, but as far as their commercial loan department they are the WORST. I'd go so far as to say that if I landed on the Moon and they were the only bank there I'd fire up the boosters and head for Mars. Incompetent and ineffective loan officers, reprehensible loan committee, draconian policies - please, please do yourself a favor and find another bank for your commercial loan business, or you'll be very sorry. Barely one small step above worthless, one giant leap below a bank you should give your commercial business to. If I took the time and effort to post this feedback please believe it is to help others from getting screwed.......
|FDIC Certificate #||23293|
|Return on Assets - YTD||0.76%|
|Return on Equity - YTD||8.58%|
|Annual Interest Income||$25.8MM|
|Assets and Liabilities|
|Assets||Q2 2022vs Q2 2021||$1.93B$1.84B|
|Loans||Q2 2022vs Q2 2021||$1.04B$1.02B|
|Deposits||Q2 2022vs Q2 2021||$1.75B$1.64B|
|Equity Capital||Q2 2022vs Q2 2021||$160.9MM$173.0MM|
|Loan Loss Allowance||Q2 2022vs Q2 2021||$7.4MM$9.4MM|
|Unbacked Noncurrent Loans||Q2 2022vs Q2 2021||$2.3MM$3.3MM|
|Real Estate Owned||Q2 2022vs Q2 2021||$0$0|
Rates for Florence Bank are currently being reviewed.