Northern Bank is headquartered in WOBURN and is the 20th largest bank in the state of Massachusetts. It is also the 407th largest bank in the nation. It was established in 1960 and as of March of 2023, it had grown to 241 employees at 15 locations. Northern Bank's money market rates are 8X the national average, and it has a B+ health rating.
For most of us their account here will be the interest-bearing checkable savings account. The usual few checks/month. And printing the checks from the bank is EXPENSIVE--just had done for $1 per check and deposit slip. At this time, it pays about 1/3 the interest that can be received elsewhere from safe accounts. Still higher than your average credit union. Customer service is acceptable--sometimes with delay and just going through the motions and others nicely done. The usual phone verification extra step delays things.
Overall | |
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FDIC Certificate # | 18266 |
Year Established | 1960 |
Employees | 241 |
Primary Regulator | FDIC |
Profit Margin | |
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Return on Assets - YTD | 2.57% |
Return on Equity - YTD | 17.61% |
Annual Interest Income | $44.1MM |
Assets and Liabilities | ||
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Assets | Q1 2023vs Q1 2022 | $2.83B$2.77B |
Loans | Q1 2023vs Q1 2022 | $2.51B$2.29B |
Deposits | Q1 2023vs Q1 2022 | $2.26B$2.36B |
Equity Capital | Q1 2023vs Q1 2022 | $416.9MM$378.3MM |
Loan Loss Allowance | Q1 2023vs Q1 2022 | $47.2MM$41.5MM |
Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $26.3MM$31.9MM |
Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.