Needham Bank is headquartered in Needham and is the 17th largest bank in the state of Massachusetts. It is also the 378th largest bank in the nation. It was established in 1892 and as of June of 2022, it had grown to 292 employees at 12 locations. Needham Bank's CD rates are 39% higher than the national average, and it 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 I'd like to know if the review was withdrawn with the knowledge and assistance of the DepositAccounts website, and, if so, for what reason.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
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.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26483 |
| Year Established | 1892 |
| Employees | 292 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.75% |
| Return on Equity - YTD | 6.7% |
| Annual Interest Income | $49.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $3.03B$2.84B |
| Loans | Q2 2022vs Q2 2021 | $2.36B$2.08B |
| Deposits | Q2 2022vs Q2 2021 | $2.65B$2.44B |
| Equity Capital | Q2 2022vs Q2 2021 | $328.5MM$314.5MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $19.6MM$18.0MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $9.6MM$9.1MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |
