Century Bank Overview and Financial Health

Century Bank is a community bank with a rich history, dating back to its founding in 1919. It has a strong presence in the region, with over 20 branches across New England.

The bank has a solid financial foundation, with total assets of over $5 billion. This significant asset base provides a stable foundation for the bank's operations.

Century Bank has a long history of community involvement, with a focus on supporting local businesses and organizations. Its commitment to the community has earned it a reputation as a trusted and reliable financial partner.

The bank's financial health is also reflected in its profitability, with a net income of over $50 million in 2020.

Related reading: Century Bank of the Ozarks Ava Mo

Century Bank officially opened its doors on May 1, 1969, in a temporary trailer in Somerville.

The bank's beginning started with Marshall M. Sloane's idea in early 1968, and by November 21, 1968, he and 20 other businessmen were granted a charter to establish the Century Bank & Trust Company.

On its opening day, the bank took in $1.1 million in deposits without any promotional efforts, and this was just the beginning of its rapid growth.

On a similar theme: Century Commercial Bank Limited

USCB Financial Holdings has a rich history dating back to 2002 when U.S. Century Bank was established with $23 million in capital.

The bank was founded to provide financial services to Hispanic-owned businesses and has maintained a majority Hispanic board of directors since its inception.

In 2009, the bank had grown to $2 billion in assets, a remarkable achievement considering its humble beginnings.

However, the bank faced challenges during the economic downturn in 2009 and participated in the Troubled Asset Relief Program (TARP) Capital Purchase Program, receiving $5.

The bank regained profitability in 2010 and by 2011 had $1.26 billion in deposits and $1.11 billion in loans.

A significant milestone was reached in 2013 when R. Alexander Acosta, former U.S. Attorney for the Southern District of Florida, was appointed chairman of the bank.

Acosta's leadership played a crucial role in the bank's recovery, and in 2015, the bank successfully closed a $65 million re-capitalization after two previous attempts.

Luis de la Aguilera, former head of TotalBank, took over as president and CEO in December 2015, leading the bank to return to profitability and have the FDIC lift the regulatory consent order.

Aida Levitan, Ph.D., was appointed chairman of the board in 2017, marking a new chapter in the bank's history.

In contrast, Century Bank, which merged with Eastern Bankshares in 2021, has a history dating back to 1968 when Marshall M. Sloane had the idea to create a community-based commercial bank in Somerville.

By November 1968, Sloane and 20 other businessmen were granted a charter to establish the Century Bank & Trust Company, which became the first new bank in Somerville since the mid-1800s.

The bank's opening day in a temporary trailer saw President Marshall M. Sloane and seven employees take in $1.1 million in deposits, a profitable first day.

Explore further: Century Bank Internet Banking

Century Bank offers a solid service quality experience, with nine brick-and-mortar locations in New Mexico and mobile and web apps for easy banking on-the-go.

Its mobile app has received a 4.1 out of 5 rating from customers, significantly higher than the national average of 3.8.

You can access your funds, view monthly statements, send and receive money, and even reach customer service through the mobile app.

Century Bank's customer service is available during business hours, Monday through Friday from 8:00 a.m. to 5:00 p.m. MT.

Despite limited customer service hours, Century Bank has an excellent consumer satisfaction rating, with few complaints filed with the Consumer Financial Protection Bureau (CFPB).

Suggestion: Consumer Bank Online Banking

Century Bank is a medium-size bank, handling assets totaling $1.43 billion and $1.3 billion in deposits.

Its Texas Ratio of 22.72% suggests a tiny opportunity of failure, which is reassuring for customers.

Being FDIC-insured means your money is insured (up to $250,000) even in the event of bank failure, providing a safety net for your finances.

This insurance gives you peace of mind, knowing your deposits are protected.

Century Bank offers a wide range of products to cater to the diverse needs of its customers.

Their personal banking products include checking and savings accounts, which are designed to help individuals manage their finances effectively. These accounts come with features like online banking and mobile banking, making it easy to access and manage your money from anywhere.

Century Bank also offers business banking solutions, including business checking and savings accounts, as well as cash management services. These services are designed to help small business owners and entrepreneurs manage their finances and grow their businesses.

Their mortgage products include fixed-rate and adjustable-rate loans, which are designed to help customers purchase or refinance a home. Century Bank's mortgage experts can guide you through the process and help you find the right loan for your needs.

Century Bank's investment products include certificates of deposit (CDs) and individual retirement accounts (IRAs), which are designed to help customers save for the future and achieve their long-term financial goals.

Worth a look: Banks and Banking Services

At Century Bank, you have the option to bank on the go with their mobile banking service. This service is available to both personal and business customers.

You can easily keep track of your finances, even when you're not at your desk. Mobile banking is available via any web-enabled mobile device, making it convenient to check your accounts from anywhere.

With mobile banking, you can save valuable time and effort by avoiding an extra trip to a branch. You can also use this service in three convenient ways:

This service is free, fast, and secure, making it a great option for customers who are enrolled in online banking.

At Century Bank, convenience is a top priority. Mobile Banking is available to both personal and business customers, making it easy to manage your finances on the go.

With Mobile Banking, you can easily keep track of your finances, even when you're not at your desk. Available via any web-enabled mobile device, this service allows you to stay on top of your finances without having to make a trip to the bank.

You can use Mobile Banking in three convenient ways:

Finding a bank nearby can be a convenient and essential service, especially if you're in a pinch. Century Bank has nine physical locations in the U.S.

If you're looking for a specific type of account, Century Bank offers savings & MMAs, as well as CDs. You can even calculate your savings growth on their website.

Century Bank's website also allows you to compare savings accounts, money market accounts, and CD rates. This can be a huge time-saver if you're trying to decide which account is best for you.

If you're looking for a more in-depth review, Century Bank's website has reviews of other banks, including Ally Bank, American Express Savings, and Capital One Bank.

Here are some banks that offer competitive CD rates, according to Century Bank's website:

Mobile banking is a fantastic way to stay on top of your finances, and it's surprisingly easy to use. You can access your account information from anywhere, at any time, as long as you have a web-enabled mobile device.

It's available to both personal and business customers, making it a convenient option for anyone who needs to manage their finances on the go. You can use it to keep track of your finances, check your balance, and even make transactions.

One of the best things about mobile banking is that it's free. You don't have to pay a thing to use it, which is a big plus. And, it's secure, so you don't have to worry about your account information being compromised.

You can use mobile banking in three convenient ways: through your mobile device's web browser, through a mobile banking app, or through a text message service. It's up to you to decide which method works best for you.

Here are the ways you can use mobile banking:

At Century Bank, business banking is all about partnership and personal service. They have relationship managers with expertise in various industries and business types, allowing them to tailor products and services to your specific needs.

These relationship managers are available to help with anything from financing to treasury management solutions. They'll even provide you with a cell phone number and first name, so you can easily reach them.

Century Bank offers a variety of financing alternatives for businesses, including refinancing or acquiring new properties. They also provide a wealth of treasury management solutions to accommodate your ever-evolving banking needs.

Their business or commercial card can help businesses reduce costs, improve controls, and decrease the risk of fraud. You can choose from cards that offer rewards or lower interest rates, depending on your business needs.

Here are some of the key benefits of Century Bank's business banking services: