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North Easton Savings Bank’s Market Share Jumps as Families and Businesses Go Local
Performance data point to current strength of local banking
North Easton Savings Bank is proud to announce its continued leadership in the Massachusetts’ banking landscape, as confirmed by the recently released FDIC Deposit Market Share Report. In a competitive field of 14 banks, five of which are among the nation’s largest, North Easton Savings Bank has emerged as a standout performer, capturing more than one-third of all market growth across its 10-town footprint.
Data indicate that the overall market grew by $297.87 million in deposits over the past year, with North Easton Savings Bank comprising $107.12 million or 35.96% of that total. While the regional 10-town FDIC market grew 3.4%, North Easton Savings Bank’s deposits were up 7.5% year-over-year – indicating that better than one in three who moved funds transferred them to the Bank. The Bank’s performance reflects a growing preference among consumers and businesses to choose institutions that not only understand and support their local needs, but also have a solid understanding of the mobile-first digital landscape we are all living in.
The Bank views FDIC Deposit Market Share numbers as a “back of the baseball card”-type stat sheet that reflects customer preference, competitive strength, and community trust.
“We have a motivated and talented team here that is relentlessly focused on creating positive outcomes for their clients,” stated Rich Spencer, President and CEO of North Easton Savings Bank. “Our growth in the market is a reflection of our growth in service platforms, tech-integrations, and most importantly – people. I believe we are creating something special here, we’re working hard at it, and the most recent FDIC data tell me the families and businesses of Massachusetts are noticing.”
North Easton Savings Bank’s recent performance in the FDIC Deposit Market Share arrives during a time of celebration at the Bank, as it has recently finished renovations on new banking centers, received local and national awards as a best place to work, and is managing total assets that are at an all-time high. The Bank is looking to continue its current pace via the addition of its new commercial banking teams, the launch of a family banking suite, and expanded service platforms through mobile and in-person channels.
At North Easton Savings Bank, all deposits are insured in full as a member of both the FDIC and DIF.
