Needham Bank is headquartered in Needham and is the 21st largest bank in the state of Massachusetts. It is also the 390th largest bank in the nation. It was established in 1892 and as of June of 2020, it had grown to 216 employees at 11 locations. Needham Bank has an A health rating.
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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 I'd like to know if the review was withdrawn with the knowledge and assistance of the DepositAccounts website, and, if so, for what reason.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
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26483 |
| Year Established | 1892 |
| Employees | 216 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.55% |
| Return on Equity - YTD | 4.68% |
| Annual Interest Income | $47.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $2.60B$2.27B |
| Loans | Q2 2020vs Q2 2019 | $2.26B$1.95B |
| Deposits | Q2 2020vs Q2 2019 | $2.08B$1.63B |
| Equity Capital | Q2 2020vs Q2 2019 | $300.0MM$283.6MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $17.8MM$14.6MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $32.1MM$13.7MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $910.00K$1.5MM |