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Florence Bank


Overview / Commentary
www.florencebank.com
413-586-1300
85 Main Street
Florence, MA 01062

Florence Bank is headquartered in Florence and is the 29th largest bank in the state of Massachusetts. It is also the 585th largest bank in the nation. It was established in 1873 and as of March of 2021, it had grown to 200 employees at 13 locations. Florence Bank has an A health rating.

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Reviews (4)

A solid, local bank serving the community for decades

Posted by: |

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.

1

Lost A Customer For Life

Posted by: |

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.

3

Stay Away - Please!!!

Posted by: |

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.......

6

Lousy, Lousy Customer Service.

Posted by: |

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.

9


Health
A

Data as of Q1 2021

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #23293
Year Established1873
Employees200
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.47%
Return on Equity - YTD4.91%
Annual Interest Income$12.4MM
Assets and Liabilities
AssetsQ1 2021vs Q1 2020$1.80B$1.48B
LoansQ1 2021vs Q1 2020$1.00B$1.03B
DepositsQ1 2021vs Q1 2020$1.60B$1.29B
Equity CapitalQ1 2021vs Q1 2020$166.0MM$160.7MM
Loan Loss AllowanceQ1 2021vs Q1 2020$8.7MM$4.4MM
Unbacked Noncurrent LoansQ1 2021vs Q1 2020$2.1MM$1.5MM
Real Estate OwnedQ1 2021vs Q1 2020$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Florence Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Florence Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%$1-School Savings
0.05%$10-Variable IRA Savings
0.05%$10-EZ Savings
0.05%$10-Club Account
0.05%$10-Client Escrow Savings
0.05%$10-Statement Savings
0.05%$10-Security Deposit Account
0.05%$10-Business Statement Savings

Florence Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%*$500k*-Business Money Market
OTHER TIERS: 0.05% → $10 - $100k | 0.10% → $100k - $500k
0.10%*$50k*-Performance Money Market
OTHER TIERS: 0.05% → $10 - $50k
0.05%$10-Money Market Deposit Account

Florence Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%$10-IOLTA Checking
0.10%-$25kRewards Checking
0.10%*$250k*-Business Interest Checking
OTHER TIERS: 0.01% → Up to $100k | 0.05% → $100k - $250k

Florence Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%$500$1m60 Month CD
0.50%$500$1m48 Month CD
0.50%$500$1mBusiness 48 Month CD
0.40%$500$1m36 Month CD
0.40%$500$1mBusiness 36 Month CD
0.35%$500$1m30 Month CD
0.35%$500$1mBusiness 30 Month CD
0.30%$500$1m24 Month CD
0.30%$500$1mBusiness 24 Month CD
0.20%$500$1m12 Month CD
0.20%$500$1m18 Month CD
0.20%$500$1mBusiness 12 Month CD
0.20%$500$1mBusiness 18 Month CD
0.15%$500$1m6 Month CD
0.15%$5k$1m17 Month Easy-Out CD
0.15%$500$1mBusiness 6 Month CD
0.15%$5k$1mBusiness 17 Month Easy-Out CD
0.10%$5k$1m7 Month Easy-Out CD
0.10%$5k$1mBusiness 7 Month Easy-Out CD
0.05%$500$1m3 Month CD
0.05%$500$1mBusiness 3 Month CD

Florence Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%$500$1m60 Month IRA
0.50%$500$1m48 Month IRA
0.40%$500$1m36 Month IRA
0.35%$500$1m30 Month IRA
0.30%$500$1m24 Month IRA
0.20%$500$1m12 Month IRA
0.20%$500$1m18 Month IRA
Locations

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