What Needham Bank does

Needham Bank is a Massachusetts-chartered community bank founded in 1892 and headquartered in Needham, Massachusetts. Following its November 2025 merger with Provident Bancorp (BankProv), the bank operates as a subsidiary of NB Bancorp, Inc. (NASDAQ: NBBK) with combined assets of approximately $7.1 billion, ranking it the sixth largest bank in Massachusetts by deposits. It serves retail customers, small and mid-sized businesses, and commercial borrowers across Greater Boston, MetroWest, Northeast Massachusetts, and Southern New Hampshire through a growing branch network.

The bank generates revenue primarily through net interest income on its loan and securities portfolios, supplemented by fee-based income from commercial lending, deposit services, and a specialized cannabis banking vertical. The cannabis banking franchise, which serves multi-state operators such as Cresco Labs and Verano Holdings and operates in partnership with Chicago Atlantic Group, is a distinguishing specialty in a regulatory category most banks decline. Needham Bank also maintains an Employee Stock Ownership Plan (ESOP) and has been recognized by S&P Global as a top-20 best-performing U.S. community bank and by the Boston Globe as a Top Place to Work in 2022 and 2023.

In Q1 2026, the bank reported gross loans of approximately $6.21 billion and total deposits of $6.10 billion, with annualized loan growth of 15.0% and core deposit growth of 15.7%. Net interest margin expanded to 3.92%, net interest income grew 10.4%, and net income nearly doubled quarter-over-quarter to $15.0 million (EPS of $0.36). The bank is executing a measured expansion, including the May 2026 opening of a new Allston branch as the first of five planned new branches over the next 18 months.

Name

Needham Bank

Legal name

Needham Bank

Website

https://needhambank.com

Company type

Public

Founded year

1892

Operating status

Operating

Headcount range

251–500 employees

Short description

Needham Bank is a Massachusetts community bank founded in 1892 and now a subsidiary of NB Bancorp (NASDAQ: NBBK) with ~$7.1 billion in assets. It serves retail, SMB, and commercial customers across Greater Boston and Southern New Hampshire, with a specialty in cannabis banking.

Ownership category

akta.pro rank

Headquarters

HQ city

Needham

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: Traditional bank revenue from interest rate spreads - earning interest on loans (commercial real estate, residential mortgages, business loans, consumer loans) while paying interest on deposits (checking, savings, CDs, money market accounts).
2. Fee-Based Income: Non-interest income from various banking fees including overdraft fees, ATM fees, wire transfer fees, account maintenance fees, credit card fees, merchant services fees, and cash management service fees.
3. Cannabis Banking Services: Specialized banking services for cannabis operators who face limited access to traditional banking due to federal prohibition, providing checking, lending, and cash management services.
4. Commercial Lending Fees: Fees associated with commercial real estate loans, construction loans, business loans, SBA loans, structured finance, and warehouse lending.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels9 records

Core offering

Needham Bank is a Massachusetts-chartered community bank that takes deposits and originates loans for consumers, small/mid-size businesses, middle-market companies, municipalities, and cannabis operators across Greater Boston and Southern New Hampshire. Its product set spans personal checking, savings, money market accounts, CDs, credit cards, residential mortgages and HELOCs, business checking, business credit cards, commercial real estate and construction loans, SBA loans, cash management, merchant services, and specialized cannabis banking facilities. Distribution is via a branch network, online and mobile banking platforms, and dedicated commercial lending teams.

Product overview

Needham Bank is a Massachusetts-based community bank offering a comprehensive suite of banking products and services through a unified banking platform. The bank's product portfolio includes personal banking products (checking, savings, CDs, money market accounts, credit cards, mortgages, and personal loans), business banking services (checking, money market, business credit cards, cash management, and merchant services), commercial lending (commercial real estate, construction, SBA loans, and middle market lending), and specialized services (cannabis banking, municipal banking, money services business banking, and mortgage warehouse lending). The bank also provides digital banking through online and mobile platforms, fraud prevention tools like Positive Pay, and financial education through its NB Financial Foundations platform. Notable is the bank's specialized cannabis banking division, which has become a significant lender to multi-state cannabis operators including Cresco Labs, Verano Holdings, and Curaleaf.

Differentiator

Problem solved

Functional benefit

Brands

• NB Financial Foundations: A free financial education platform developed in partnership with EverFi, offering self-paced courses on budgeting, saving, credit, homeownership, and retirement planning.

Products and services

• Flex Checking Free personal checking account with no monthly maintenance fees, unlimited transactions, and free online/mobile banking. For individuals and families in the bank's footprint.
• GoalGetter Savings High-yield savings account available to Flex Checking customers offering 4.00% APY on balances up to $10,000 with no monthly maintenance fees and a $10.00 minimum deposit. For individual savers in the bank's footprint.
• Super Saver Money Market Personal money market account offering competitive 4.00% APY rates with flexible access to funds. For individual savers.
• Premium Money Market Personal money market account available to Premium Checking customers offering 3.50% APY on balances over $50,000 with online access. For individual savers with larger balances.
• Personal Certificate of Deposit (CD) Personal term deposit accounts with competitive rates, including 7 & 11 Month CDs at 4.00% APY, with a $1,000 minimum deposit. For individual savers.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity, allowing homeowners to access funds for major expenses with variable rates. For homeowners in the bank's footprint.
• Unlimited Cash Back Rewards Mastercard Personal credit card offering unlimited cash back rewards on all purchases with no annual fee. For individual consumers.
• Residential Mortgages Home loan products including fixed-rate, adjustable-rate, 40-year, jumbo, construction-to-permanent, and portfolio mortgages. For homebuyers and homeowners in the bank's footprint.
• NB Business Checking Business checking account designed for small to mid-sized businesses with cash management and merchant services features. For SMBs in the bank's footprint.
• NB Corporate Checking Commercial checking account for larger businesses with enhanced cash management capabilities and higher transaction limits. For mid-market and corporate clients.
• NB Business Money Market Business money market account offering competitive interest rates on business deposits with limited withdrawal flexibility. For SMB and mid-market business clients.
• NB Business Rewards Mastercard Business credit card offering rewards on business purchases with expense management features. For SMB and corporate clients.
• Commercial Real Estate Loans Loans for commercial property acquisition, refinancing, and development. For business owners and investors.
• Construction Loans Financing for commercial and residential construction projects including ground-up development and renovation. For developers and builders.
• SBA Loans Small Business Administration-backed loans providing government-guaranteed financing for eligible small businesses. For small business owners.
• Cash Management Digital banking tools and services for businesses to manage cash flow, including ZDeposit, ZRent rental management, and Positive Pay fraud protection. For SMB and corporate business clients.
• Merchant Services Payment processing solutions for businesses to accept credit cards, debit cards, and other payment forms. For SMB and mid-market merchants.
• Cannabis Banking Specialized banking services for cannabis businesses operating in compliance with state regulations, including deposit accounts, credit facilities, and cash management tailored to cannabis operators. For cannabis multistate operators and dispensaries.
• Money Services Business Banking Banking services for money service businesses including money orders, wire transfers, and other financial services providers. For MSB clients with specialized compliance needs.
• Municipal Banking Banking services for government entities, municipalities, and public sector organizations, including municipal deposits and public fund management. For government and public sector clients.
• Mortgage Warehouse Lending Warehouse lending facilities for mortgage lenders to fund residential mortgage originations before selling to investors. For independent mortgage bankers and originators.
• Middle Market Lending Commercial lending services for middle-market companies with customized financing solutions. For middle-market business clients.
• Structured Financing Complex financing arrangements including syndicated loans, leveraged finance, and special situation lending. For sophisticated commercial borrowers.
• Online & Mobile Banking Digital banking platform enabling customers to access accounts, transfer funds, pay bills, deposit checks, and manage finances through web and mobile applications. For consumer and business customers.
• NB Financial Foundations Free financial education platform developed in partnership with EverFi, offering self-paced courses on budgeting, saving, credit, homeownership, and retirement planning. For consumers and community members.
• Positive Pay Fraud protection tool for business accounts that matches checks and electronic payments against issued items to detect and prevent fraudulent transactions. For business banking customers.

Quantifiable outcome

• $3.1 million raised for ALS research through Harpoon 5-Miler partnership
• +2 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability1 record

Feature1 record

Partnerships

Four partnerships are on record, tiered core, minor and flagship.

• EverFicoreTechnology or Integration · 9 April 2026Partnership with educational technology company EverFi to launch NB Financial Foundations, a free financial education platform offering self-paced courses on budgeting, saving, credit, homeownership, and retirement planning. Launched in April 2026 during Financial Literacy Month.
• Harpoon BreweryminorGTM or Marketing Partner · 11 January 2026Presenting sponsor of the 25th Annual Harpoon 5-Miler, a 5-mile road race in Boston's Seaport. Event has raised over $3.1 million for ALS research benefiting the Angel Fund and Pete Frates Foundation.
• Provident Bancorp, Inc.flagshipStrategic or Co-development Partner · 14 November 2025Completed merger on November 15, 2025, combining banking operations to expand presence in Massachusetts and New Hampshire. Transaction valued at approximately $211.8 million, adding approximately $1.42 billion in assets, $1.23 billion in loans, and $1.13 billion in deposits.
• Provident Bancorp, Inc.flagshipStrategic or Co-development PartnerMerger agreement for Provident to merge into Needham Bank through stock and cash transaction. Deal valued at approximately $211.8 million, expected to increase assets to around $7.1 billion and make it the sixth largest Massachusetts-based bank by deposits.

Scale indicators13 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Brookline Bancorp: Massachusetts-based community bank holding company with comparable deposit, mortgage, and commercial lending products in the Greater Boston and MetroWest footprint, directly overlapping with Needham Bank's core geography and customer segments.
• Independent Bank Corp (Rockland Trust): Massachusetts community bank with a similar mix of retail, small business, and commercial real estate lending across Eastern Massachusetts, competing head-to-head with Needham Bank for deposit relationships and middle-market lending deals.
• Eastern Bankshares: Large Massachusetts-chartered community bank serving consumers and businesses across Greater Boston, recently expanded via the Cambridge Bancorp merger — directly comparable in scale, regulatory charter, and customer profile.
• Century Bancorp: Massachusetts-based community bank focused on business banking and commercial lending in the Greater Boston area, offering a similar product set including cash management and CRE lending to the same SMB and middle-market segments.
• Enterprise Bancorp: Massachusetts-chartered community bank serving the Merrimack Valley and Southern New Hampshire with retail and commercial banking products — closely comparable to Needham Bank's expansion into Southern New Hampshire post-Provident merger.

Broad incumbents

• Berkshire Hills Bancorp: Larger Northeast regional bank with full commercial banking capabilities including CRE lending and small business services, providing a useful benchmark for community-bank scale, asset quality, and margin performance.
• Washington Trust Bancorp: Northeast regional bank with comparable community banking, wealth management, and commercial lending product lines, used as a peer for valuation and operational benchmarking among New England community banks.
• Webster Financial: Larger Northeast and Mid-Atlantic commercial bank with HSA banking and business banking capabilities, providing a reference point for how scaled-up community banking models monetize commercial cash management and digital services.

Regional players

• Camden National Corp: Northern New England community bank holding company with a similar community banking model and CRE / small business lending focus, providing a useful comparable for regional bank economics outside of the Greater Boston market.

Emerging players

• Chicago Atlantic Group: Specialty cannabis-focused credit and capital provider; Needham Bank co-administers cannabis credit facilities with Chicago Atlantic (Verano $195M term loan), making it a key competitor and partner in the cannabis banking niche.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@NeedhamBankMA
• Facebookfacebook.com/needhambank
• LinkedInlinkedin.com/company/needham-bank
• Instagraminstagram.com/needhambank
• Xx.com/needhambank

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Needham Bank