Needham Bank is headquartered in Needham and is the 19th largest bank in the state of Massachusetts. It is also the 373rd largest bank in the nation. It was established in 1892 and as of September of 2019, it had grown to 200 employees at 10 locations. Needham Bank's CD rates are 2X the national average, and it boasts 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 I'd like to know if the review was withdrawn with the knowledge and assistance of the DepositAccounts website, and, if so, for what reason.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 Q3 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26483 |
| Year Established | 1892 |
| Employees | 200 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.7% |
| Return on Equity - YTD | 5.65% |
| Annual Interest Income | $72.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2019vs Q3 2018 | $2.35B$2.09B |
| Loans | Q3 2019vs Q3 2018 | $2.00B$1.79B |
| Deposits | Q3 2019vs Q3 2018 | $1.72B$1.51B |
| Equity Capital | Q3 2019vs Q3 2018 | $287.8MM$268.8MM |
| Loan Loss Allowance | Q3 2019vs Q3 2018 | $14.6MM$13.7MM |
| Unbacked Noncurrent Loans | Q3 2019vs Q3 2018 | $14.6MM$16.8MM |
| Real Estate Owned | Q3 2019vs Q3 2018 | $910.00K$0 |