BankFive
BankFive is a privately held community bank founded in 1855, headquartered in Fall River, Massachusetts, serving individual consumers and small businesses across southeastern Massachusetts and Rhode Island through 13 branches, 18 lending offices, and digital channels with $1.9B in assets.
- Company typePrivate
- Founded1855
- HeadquartersFall River, United States
- Headcount101–250
- GTM typeB2C
- OfferingServices
What BankFive does
BankFive, legally chartered as Fall River Five Cents Savings Bank, is a privately held, state-chartered community bank founded in 1855 and headquartered in Fall River, Massachusetts. The bank serves individual consumers and small business customers across southeastern Massachusetts and Rhode Island through 13 physical branches, 18 lending offices, interactive teller machines, and a digital banking layer spanning online, mobile (iOS/Android), and video banking channels. It also operates Bank5 Connect, an online-only sub-brand offering high-yield deposits, CDs, and credit cards to branchless customers. The institution is one of the oldest continuously operating banks in New England, with a leadership team (President & CEO Anne Tangen) now chairing the Massachusetts Bankers Association and sitting on the American Bankers Association Board.
The bank's product platform covers the full consumer and small business banking stack: deposits (checking, savings, money market, CDs up to 3.25% APY, IRAs), consumer lending (fixed/ARM mortgages, FHA/VA/Jumbo, HELOCs, personal/auto/boat loans), commercial lending, Visa debit and credit cards (card services via Elan Financial Services), investment and retirement planning through Osaic Institutions, and ancillary services such as safe deposit boxes and foreign currency. Its technology stack emphasizes digital integration — FedNow real-time payments, Apple Pay, Google Pay, Visa/NYCE/PLUS debit networks, and a dedicated mortgage borrower portal — layered on a traditional community banking operating model with branch-based relationship management. All deposits are insured to 100% via FDIC plus the Depositors Insurance Fund (DIF), providing a structural differentiator versus standard FDIC-only institutions.
BankFive generates revenue primarily through net interest income on its $1.9B asset base, supplemented by mortgage banking income, transaction-based fees (overdraft at $35/item capped at 6/day, domestic wire transfers $15–$25, international wires $25–$40, safe deposit box rentals $35–$125/year), card interchange, and referral economics from its Osaic Institutions investment partnership. The bank reported 2025 total assets of $1.9 billion (+$14M YoY) and net income of $5.1 million (+$1.8M YoY), with management attributing profitability to net interest margin expansion, mortgage banking income, and disciplined expense control. It is privately held with no disclosed external equity capital, no parent company, and no institutional investor backing.
BankFive firmographics
Firmographics- Name
- BankFive
- Legal name
- Fall River Five Cents Savings Bank
- Website
- https://bankfive.com
- Company type
- Private
- Founded year
- 1855
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- BankFive is a privately held community bank founded in 1855, headquartered in Fall River, Massachusetts, serving individual consumers and small businesses across southeastern Massachusetts and Rhode Island through 13 branches, 18 lending offices, and digital channels with $1.9B in assets.
- Ownership category
- akta.pro rank
BankFive industry classification
Industry- Product category
- Community Banking
- NAICS
- Savings Institutions and Other Depository Credit Intermediation (522180), Depository Credit Intermediation (5221)
- SIC
- Savings Institutions, Not Federally Chartered (6036)
- akta.pro primary industry
- Savings Banks (Public/State-Owned) (FSABAKAK)
- akta.pro secondary industries
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)
Keywords
Where BankFive is headquartered
LocationHeadquarters
- HQ city
- Fall River
- HQ country
- United States
- HQ region
- North America
Offices14 records
Markets served
BankFive business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- Net Interest Income: Interest income from lending activities including mortgages, home equity loans, personal loans, and commercial loans offset by interest paid on deposits
- Mortgage Banking Income: Revenue from mortgage originations, loan servicing, and refinancing operations across 18 lending locations
- Fee Income: Various banking fees including overdraft fees ($35/item), wire transfers ($15-$40), safe deposit box rentals ($35-$125/year), ATM fees, and account service charges
- Investment Services: Investment services and retirement planning offered through partnership with Osaic Institutions located at BankFive branches
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | 7 Month Statement CD - 3.25% APY |
| Transaction based/ take rate | Pay-as-you-go | Overdraft/NSF Fee - $35 per item |
| Transaction based/ take rate | Pay-as-you-go | Wire Transfer Fees |
| Unit Pricing | Annual | Safe Deposit Box Rental |
| Transaction based/ take rate | Pay-as-you-go | ATM/Debit Card Fees |
| Transaction based/ take rate | Pay-as-you-go | One-Time Loan Payment Fee |
Go-to-market motion1 record
Distribution channels8 records
Marketing channels6 records
BankFive product offering
Product offeringCore offering
BankFive is a community bank that provides a full suite of personal and business banking services, including deposit accounts (checking, savings, CDs), lending products (mortgages, home equity, personal, auto/boat, commercial loans), credit and debit cards, and digital banking channels (online, mobile, video). The bank operates through 13 branches and 18 lending offices across Massachusetts and Rhode Island, complemented by FDIC and Depositors Insurance Fund (DIF) deposit coverage.
Product overview
BankFive is a community bank offering a comprehensive suite of personal and business banking products across Rhode Island and Massachusetts through both physical branches (13 locations) and digital channels. The core banking platform includes checking accounts, savings accounts (including specialized accounts like Lucky Piggy for children and Student Savings), CDs, credit cards, debit cards, IRAs, and foreign currency services. Lending products span mortgages (with specialized offerings including FHA, VA, Construction/Rehab, Military Home Loans, and Jumbo Loans), home equity products (HELOC, Home Improvement Loans), personal loans, auto/boat loans, and home energy loans. Digital banking is delivered through Mobile Banking apps (iOS/Android), Online Banking with full bill pay functionality, and Video Banking for remote service. Investment and insurance services are provided through partnerships with Osaic Institutions. The bank also operates Bank5 Connect as an online-only sub-brand for customers seeking branchless banking. Notable digital integrations include Apple Pay, Google Pay, FedNow real-time payments, Visa debit processing through NYCE and PLUS networks, and Credit Karma for financial tracking.
Differentiator
Problem solved
Functional benefit
Products and services
- Savings Accounts
Quantifiable outcome
- Asset growth of $14 million to $1.9 billion in 2025
- +3 more outcomes
Companies that use BankFive
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
BankFive technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration10 records
Feature6 records
BankFive partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Osaic InstitutionscoreInvestment services and retirement planning partnership where Osaic Institutions advisors are located at BankFive branches, providing financial planning services to BankFive customers in Massachusetts and Rhode Island.
Scale indicators9 records
Recent moves8 records
Expansion highlights5 records
BankFive competitors and assessment
Company assessmentRegional players
- Webster Bank: Northeast-focused regional bank with consumer and commercial banking across MA, RI, CT, and NY — comparable product breadth to BankFive but with significantly larger asset base.
- Santander Bank: Regional bank with a meaningful branch network across Massachusetts and the broader Northeast, competing directly with BankFive on consumer deposits, mortgages, and small-business banking.
Broad incumbents
- TD Bank (TD Banknorth): Major U.S. retail bank with strong presence across the Northeast including MA and RI; competing with BankFive on consumer deposits, mortgages, and small-business banking.
- Citizens Financial Group: Large regional bank with deep retail and commercial presence across MA and RI, offering deposit, mortgage, and small-business products at scale — the dominant incumbent in BankFive's footprint.
Direct peers
- Bristol County Savings Bank: Mutual savings bank headquartered in Taunton, MA, serving southeastern Massachusetts and Rhode Island with deposit, mortgage, and commercial lending products — directly overlapping BankFive's geography and product set.
- Rockland Trust (Independent Bank Corp): Massachusetts-headquartered community bank with a similar retail/commercial lending mix and branch network across southeastern MA and RI; one of the closest publicly traded comparables in scale and footprint.
- BayCoast Bank: Swansea, MA-based community bank operating in the same southeastern Massachusetts and Rhode Island market as BankFive, with comparable deposit, mortgage, and small-business offerings.
- BankNewport: Rhode Island-based community bank serving consumers and businesses across RI and southeastern MA — overlapping BankFive's core footprint with a similar relationship-banking value proposition.
- Washington Trust: Oldest community bank in the U.S. (1800), headquartered in Westerly, RI, with a presence across RI and southeastern MA, competing in deposit, mortgage, and wealth management.
- East Cambridge Savings Bank: Massachusetts-chartered savings bank offering deposit, mortgage, and business banking services — comparable mutual/savings-bank structure and consumer-focused product mix.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
BankFive social profiles
Digital presenceBankFive compliance and trust
Trust signalCompliance3 records
BankFive financial estimates
Financial estimateRevenue estimate
Valuation estimate
BankFive leadership team
Management profileNumber of profiles
Profiles10 records
BankFive subsidiaries and ownership
Company hierarchySubsidiaries1 record
BankFive funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BankFive M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BankFive
What does BankFive do?
BankFive is a community bank that provides a full suite of personal and business banking services, including deposit accounts (checking, savings, CDs), lending products (mortgages, home equity, personal, auto/boat, commercial loans), credit and debit cards, and digital banking channels (online, mobile, video). The bank operates through 13 branches and 18 lending offices across Massachusetts and Rhode Island, complemented by FDIC and Depositors Insurance Fund (DIF) deposit coverage.
Is BankFive a public or private company?
BankFive is a private company. It is classified as unknown and is currently operating.
When was BankFive founded?
BankFive was founded in 1855. It employs 101 to 250 people.
Where is BankFive based?
BankFive is headquartered in Fall River, United States, in the North America region.
How does BankFive make money?
Four revenue lines are on record. Net Interest Income is the primary driver. The others are mortgage Banking Income, fee Income and investment Services.
Who are BankFive's main competitors?
Regional players on record are Webster Bank and Santander Bank. Broad incumbents are TD Bank (TD Banknorth) and Citizens Financial Group. Direct peers are Bristol County Savings Bank, Rockland Trust (Independent Bank Corp), BayCoast Bank, BankNewport, Washington Trust and East Cambridge Savings Bank.
Does BankFive have an API?
No public API is recorded for BankFive.
What industry is BankFive in?
BankFive's product category is Community Banking. Its primary akta.pro industry code is FSABAKAK, Savings Banks (Public/State-Owned), with a secondary code of FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings). Its NAICS code is 522180 and its SIC code is 6036.