Needham Bank


Overview / Commentary
781-444-2100
1063 Great Plain Avenue
Needham, MA 02492

Needham Bank is headquartered in Needham and is the 18th largest bank in the state of Massachusetts. It is also the 403rd largest bank in the nation. It was established in 1892 and as of March of 2022, it had grown to 266 employees at 11 locations. Needham Bank has an A+ health rating.

Reviews (3)

I See A 3-Star Review, Critical Of The Needham Bank On-Line Banking Site, Has Apparently Been Deleted!

Yesterday, I forwarded to a Needham Bank Service Representative with whom I do business, a copy of a 3-star review by a customer -- a real estate broker, as I recall -- who was critical of the bank's on-line banking program. Today, that review seems no longer to exist. I'd like to know if the review was withdrawn with the knowledge and assistance of the DepositAccounts website, and, if so, for what reason. I have come to rely on the impartiality and integrity of DepositAccounts for banking information and would like to believe that I can continue to do so.

My ratings of the Needham Bank constitute my true opinions.

Needham Bank, a local branch on every street

I started using Needham Bank because in 2005 they started specializing in construction loans. They were one of the few local banks that started developing relationships with the builders. Since I work in real estate, it was a smart move to start banking where all the builders bank. Plus I live down the street. Over the past 12 years I feel like the bank expanded 10 fold. There is literally a branch on every corner. Their checking accounts are free, but I think thats common at every neighborhood bank. One of my biggest issues with them is the online website and user interface is still terrible. I miss the Bank of America interface that shows all my accounts on 1 screen, heck even Capital One banking allows me to see all my accounts on 1 screen and move money between them. Needham bank online screen almost looks like the old DOS format. Unappealing and difficult to use

There Are Lots Of Banks. Choose Another, Not This One.

I had a personal checking account and a business account. All went well until I sent a polite letter pointing out that it is improper, and not good practice, to make online passwords expire. Why should they, if they are perfectly good and uncompromised? Nor is it proper to prevent me from seeing the new password as I type it (twice). Did I mention that this was a polite letter? I was only trying to be helpful.

A week later, I got two certified letters cancelling both of my accounts.



Health
A+

Health Grade Components

Overall
FDIC Certificate #26483
Year Established1892
Employees266
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.59%
Return on Equity - YTD5.25%
Annual Interest Income$23.4MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$2.86B$2.80B
LoansQ1 2022vs Q1 2021$2.26B$2.11B
DepositsQ1 2022vs Q1 2021$2.50B$2.35B
Equity CapitalQ1 2022vs Q1 2021$324.9MM$310.7MM
Loan Loss AllowanceQ1 2022vs Q1 2021$18.8MM$17.2MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$4.8MM$13.3MM
Real Estate OwnedQ1 2022vs Q1 2021$0$0
Rates

Rates for Needham Bank are currently being reviewed.

Locations


Cities: Ashland, Dedham, Dover, Medfield, Millis, Mission Hill, Natick, Needham, Wellesley, Westwood

Ashland Branches
Ashland Branch41 Front StreetAshland, MA 01721

Dedham Branches
Dedham Branch402 Washington StreetDedham, MA 02026

Dover Branches
Dover Branch60 Centre StDover, MA 02030

Medfield Branches
Medfield Branch520 Main StreetMedfield, MA 02052

Millis Branches
Millis Branch857 Main StMillis, MA 02054

Mission Hill Branches
Tremont Street Branch1457 Tremont StreetMission Hill, MA 02120

Natick Branches
Natick Branch17 West Central StNatick, MA 01760

Needham Branches
The Needham Bank1063 Great Plain AveNeedham, MA 02492

Wellesley Branches
Wellesley Branch458 Washington StreetWellesley, MA 02482

Westwood Branches
Westwood Branch341 Washington StreetWestwood, MA 02090

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