Century Bank

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Century Bank

Industry	Banking
Founded	Century Bank, 1969
Fate	Acquired by Eastern Bank
Headquarters	Medford, Massachusetts, United States
Key people	Marshall M. Sloane, Founder; Barry R. Sloane, Chairman, President & CEO; Linda Sloane Kay, Vice Chair
Total assets	US$ 6 billion (2017)[1]
Number of employees	740
Website	CenturyBank.com [1]

Century Bank was a bank based in Massachusetts. It was founded in Somerville, Massachusetts in 1969 by Marshall M. Sloane and at one point became the state's largest family-run bank.^[2] Century Bank had over $6 billion in assets with 27 offices in 19 cities and towns in Massachusetts.^[2] Marshall’s son, Barry Sloane, sat as Chairman, President & CEO while Marshall’s daughter, Linda Sloane Kay, was the Bank’s Vice Chair. Century Bank was a lender to local businesses, municipalities, not-for-profit organizations and families. Headquartered in Medford, MA, Century Bank employed more than four hundred staff.^[3]

On May 1, 1969, Century Bank and Trust Company officially opened its doors in a temporary trailer parked on the M.D.C.'s sidewalk at 102 Fellsway West in Somerville. The Bank's beginning started in early 1968 with the idea of one man, Marshall M. Sloane,^[4] as there was a great need for a community-based commercial bank in Somerville. By November 21, 1968, he and 20 other businessmen were granted a charter to establish the Century Bank & Trust Company. On January 10, 1969 Century Bank was incorporated, becoming the first new bank in Somerville since the mid-1800s. Opening day in the trailer saw President Marshall M. Sloane and seven employees realize the fruits of their labor. Without any promotional efforts, the new bank took in $1.1 million in deposits for a profitable first day. In four weeks, deposits had grown to $4 million; in eight weeks they were over $7 million; and by December 31, 1969, the total assets had passed the $17 million mark. Century Bank had become the fastest growing bank in Massachusetts history in its first year of operation.^{[citation needed]}

Century Bank was acknowledged annually in the Boston Globe 100 as one of the top performing publicly traded companies in Massachusetts.^[5]

On April 7, 2021, Eastern Bankshares announced that they are merging with Century Bank with Eastern as the remaining bank.^[6][7] The merger completed on November 12, 2021.^[8]

• Official website