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Florence Bank

Popular Accounts at this Bank

0.32%Reward CheckingReward Checking
0.40%1-year CD12 Month CD
0.10%SavingsSecurity Deposit Account

Overview / Commentary
85 Main Street
Florence, MA 01062

Florence Bank is headquartered in Florence and is the 32nd largest bank in the state of Massachusetts. It is also the 590th largest bank in the nation. It was established in 1873 and as of September of 2017, it had grown to 195 employees at 11 locations. Florence Bank has an A health rating.

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Reviews (3)

A solid, local bank serving the community for decades

Posted by: Mascognos | Dec 7, 2017

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.

Stay Away - Please!!!

Posted by: BDru357 | Apr 16, 2016

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.......

Lousy, Lousy Customer Service.

Posted by: mkamel26 | Feb 17, 2015

When a teller screwed up and gave my wife wrong information, the manager of the King Street Branch, who also claims to be VP for customer service, effectively called my wife a liar and refused to do anything to rectify the problem.


Health Grade Components

FDIC Certificate #23293
Year Established1873
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.06%
Return on Equity - YTD10.6%
Annual Interest Income$34.4MM
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$1.32B$1.28B
LoansQ3 2017vs Q3 2016$1.01B$961.3MM
DepositsQ3 2017vs Q3 2016$1.11B$1.07B
Equity CapitalQ3 2017vs Q3 2016$135.8MM$123.0MM
Loan Loss AllowanceQ3 2017vs Q3 2016$5.1MM$5.1MM
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$2.8MM$3.4MM
Real Estate OwnedQ3 2017vs Q3 2016$0$25.00K
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Florence Bank Savings Account Rates

0.15%--School Savings
0.10%--Variable IRA Savings
0.10%--EZ Savings
0.10%--Club Savings
0.10%--Client Escrow Savings
0.10%--Statement Savings
0.10%--Security Deposit Account

Florence Bank Money Market Rates

0.35%*$100k*-Performance Money Market
OTHER TIERS: 0.10% $10 - $50k | 0.15% $50k - $100k
0.15%*$100k*-Business Money Market
OTHER TIERS: 0.10% $10 - $100k
0.10%--Money Market Deposit Account

Florence Bank Checking Account Rates

1.25%--Cash Management Checking
1.00%--IOLTA Checking
0.35%*$500k*$1mBusiness Interest Checking
OTHER TIERS: 0.01% Up to $100k | 0.10% $100k - $250k | 0.15% $1mm+ | 0.25% $250k - $500k
0.32%*-$25kReward Checking
OTHER TIERS: 0.10% $25k+

Florence Bank CD Rates

1.50%$500-48 Month CD
1.50%$500-Business 48 Month CD
1.25%$500-30 Month CD
1.25%$500-Business 30 Month CD
1.25%$500-15 Month Bump-Up Promotional CD
0.75%$500-36 Month CD
0.75%$500-Business 36 Month CD
0.65%$500$1m25 Month Promotional CD
0.65%$500-Business 25 Month CD
0.55%$500-24 Month CD
0.55%$500-Business 24 Month CD
0.45%$500-18 Month CD
0.45%$500-Business 18 Month CD
0.40%$500-12 Month CD
0.40%$500-Business 12 Month CD
0.30%$500-17 Month Easy-Out CD
0.30%$500-Business 17 Month Easy-Out CD
0.25%$500-6 Month CD
0.25%$500-Business 6 Month CD
0.15%$500-7 Month Easy-Out CD
0.15%$500-Business 7 Month Easy-Out CD
0.10%$500-3 Month CD
0.10%$500-Business 3 Month CD

Florence Bank IRA Rates

1.75%$500-60 Month IRA
0.75%$500-36 Month IRA
0.45%$500-18 Month IRA
0.40%$500-12 Month IRA