Main Street Bank (MA) is headquartered in MARLBOROUGH and is the 31st largest bank in the state of Massachusetts. It is also the 674th largest bank in the nation. It was established in 1860 and as of March of 2024, it had grown to 161 employees at 10 locations. Main Street Bank (MA)'s CD rates are 5X the national average, and it has a B+ health rating.
A Bank With The Slowest Zelle, Rediculous Limits And Just Bad The Business Accounts.
I started a business account with main street. The biggest issue is the horrible limitations imposed by this back. A business and you can only deposit 5k a week? Or month? I forgot which one it was but it's insane. My last business account was 40k a WEEK! so they force you to go into the bank to deposit checks... Not all of us have the liberty of extra time in our hectic bussiness schedules. Also, they give you a business stamp for checks, but when I tried to deposit it on mobile, 2 days later it was canceled with an email saying I needed to endorse the bank of the check.. Which was endorsed by the big stamp they gave me! There bank is still in the stone age sadly. Not a good bank for business or loans. I tried to apply for a vehicle loan and was denied! I have a personal and business account with them! Personal account since I was 18! So 20 years with them plus started a business account, 80k salary credit score of 702 and no loan because of a single collections to Verizon wireless who incorrectly changed me for a phone that was returned in the first 14 days. I'm currently in the process of having the mistake cleared and even with the proof in hand of the return and talking to mainstreet in person about it, DENIED! Rate was 5.99%.... I went to DCU who also brought up the Verizon issues, but i explained and she faxed the proof along with a phone call to the underwriter and was approved instantly and given 1.99% at 60 months! They actual work surg there customers and go above and beyond, and I'm brand new at their bank! So I now have an account there and will be closing both my mainstreet accounts indefinitely. 20 years and they can't over ride the denile even with proof of the mistake in hand. They told me sorry, nothing they can do and to come back after it's removed....what a joke of a bank. Very sad indeed. Also the atm limits are also a big joke at 800 max out per day!? Dcu is $1800! Do disappointed in myself for being with this bank for so long. A true waste of time.
Data as of Q1 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 90235 |
| Year Established | 1860 |
| Employees | 161 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.16% |
| Return on Equity - YTD | 1.84% |
| Annual Interest Income | $21MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2024vs Q1 2023 | $1.66B$1.5B |
| Loans | Q1 2024vs Q1 2023 | $1.33B$1.14B |
| Deposits | Q1 2024vs Q1 2023 | $1.38B$1.25B |
| Equity Capital | Q1 2024vs Q1 2023 | $145.4MM$141.6MM |
| Loan Loss Allowance | Q1 2024vs Q1 2023 | $13.8MM$13MM |
| Unbacked Noncurrent Loans | Q1 2024vs Q1 2023 | $7.5MM$3.5MM |
| Real Estate Owned | Q1 2024vs Q1 2023 | $0$0 |