Century Bank
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | January 10, 1969 in Somerville, Massachusetts, United States |
| Founder | Marshall M. Sloane |
| Defunct | November 12, 2021 |
| Fate | Merged with Eastern Bankshares |
| Headquarters | Medford, Massachusetts , United States |
Area served | Massachusetts |
Key people | Barry Sloane (Chairman, President, CEO), Linda Sloane Kay (Vice Chair) |
| Products | Lending services to local businesses, municipalities, nonprofits, and households |
Number of employees | 400+ |
| Website | www |
Century Bank was a banking institution located in Massachusetts, established in Somerville in 1969 by Marshall M. Sloane. It grew to become the largest family-operated bank in the state, managing assets exceeding $6 billion and operating 27 branches throughout 19 cities and towns in Massachusetts. Barry Sloane, son of the founder, held the roles of Chairman, President, and CEO, while his sister Linda Sloane Kay served as Vice Chair. The bank’s headquarters were situated in Medford, employing over 400 individuals and specializing in lending services to local enterprises, municipal bodies, nonprofit organizations, and households.
History
Century Bank and Trust Company commenced operations on May 1, 1969, initially functioning from a trailer at 102 Fellsway West in Somerville. The institution was created by Marshall M. Sloane to address the need for a community-focused commercial bank within Somerville. By the end of 1968, Sloane alongside twenty other businessmen had obtained a charter, leading to Century Bank’s incorporation on January 10, 1969—marking the first new bank established in Somerville since the mid-19th century.
On its opening day, deposits reached $1.1 million without any advertising; within two months, deposits grew beyond $7 million, and by the end of that year, total assets surpassed $17 million. This exceptional expansion positioned Century Bank as the fastest-growing bank in Massachusetts during its inaugural year.
The bank consistently earned recognition as one of the Boston Globe 100 top-performing publicly traded companies in Massachusetts.
On April 7, 2021, Eastern Bankshares declared a merger agreement with Century Bank, with Eastern remaining as the continuing entity. The merger was finalized on November 12, 2021.