Reading Cooperative Bank

Name

Reading Cooperative Bank

Legal name

Reading Cooperative Bank

Website

https://readingcoop.com

Company type

Private

Founded year

1886

Operating status

Operating

Headcount range

101–250 employees

Short description

Reading Cooperative Bank is a 140-year-old, customer-owned cooperative bank serving individuals, local businesses, nonprofits, and homeowners across Massachusetts through nine-plus branches and full digital banking, mortgage, commercial, and treasury management services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (52211), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

State Commercial Banks (6022), Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF)

Keywords

• Community banking services
• Personal banking products
• Residential mortgage lending
• Small business lending
• Treasury management services

Headquarters

HQ city

Reading

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Reading Cooperative Bank generates the majority of its revenue through net interest income — the spread between interest earned on loans (mortgages, commercial loans, consumer loans, ADU loans) and interest paid on deposits. This is the primary revenue driver for a traditional community bank.
2. Non-Interest Income (Fees and Charges): Fees from account maintenance, ATM usage, wire transfers, overdraft protection, early deposit services, treasury management services, and credit card operations. Also includes fee income from business services such as merchant/card processing.
3. Loan Origination and Servicing Fees: Income generated from originating and servicing mortgage loans, home equity loans, commercial loans, and consumer loans. Some loans may be sold on the secondary market.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels9 records

Core offering

Reading Cooperative Bank (RCB) is a customer-owned cooperative community bank, founded in 1886 and headquartered in Reading, MA, that accepts deposits and originates loans across personal, business and nonprofit segments. Its product suite spans personal checking and savings, residential mortgages, home equity loans/HELOCs, ADU construction-to-permanent loans, credit builder and personal/auto loans, business checking/savings, treasury management and cash management, merchant card processing, personal and business credit cards (issued through TCM Bank), and financial planning through Lumen Wealth/Raymond James. Services are delivered through nine Massachusetts branches, online and mobile banking, telephone banking, a mortgage web center and community outreach programs.

Product overview

Reading Cooperative Bank is a community bank offering a comprehensive suite of banking products and services for personal, business, and non-profit customers. The core banking platform includes personal checking and savings accounts, business checking and savings accounts, mortgage and home loan products, business and personal credit cards (issued through TCM Bank), and treasury management services. Key product lines include the Credit Builder Loan for credit establishment, the ADU Financing Program for accessory dwelling unit construction, and Early Deposit for early direct deposit access. RCB provides digital banking through mobile apps (iOS/Android) and online banking platforms, alongside traditional branch banking. Financial planning services are offered through partnership with Lumen Wealth Management/Raymond James. The bank serves Massachusetts communities from multiple branch locations, having grown through organic expansion and the 2025 merger with Wakefield Co-operative Bank.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Tiered personal checking account suite including Value Checking, Value NOW Checking, On-the-Go Checking, Green Online Checking and Green On-the-Go Checking for Massachusetts consumers, with free ATM access on the RCB network and thousands of ATMs nationwide, online and mobile banking, optional interest earnings on NOW accounts and waivable monthly maintenance fees.
• Personal Savings Accounts Personal savings account options for Massachusetts consumers to earn interest, with 24/7 online banking, mobile banking and phone-banking access.
• Mobile Banking App RCB's mobile banking app on iOS (App Store) and Android (Google Play) enabling account balance checks, remote check deposits, fund transfers, bill payments and biometric login via Fingerprint or Face ID for personal and business customers in Massachusetts.
• Online Banking & Bill Pay Full-featured online banking platform at readingcoop.com offering account management, bill pay, transfers, e-statements and account aggregation with 128-bit encryption and self-service account opening at apply.readingcoop.com.
• Financial Planning Services Comprehensive financial-planning services for individuals and corporate clients including accumulation, retirement planning, education savings, estate planning, risk management, business planning and corporate retirement-plan management, delivered through Gino P. Molettieri of Lumen Wealth Management (Investment Adviser Representative of Raymond James Financial Services).
• Mortgage & Home Loans Comprehensive residential mortgage and consumer loan suite including Fixed Rate Mortgages, Adjustable Rate Mortgages, Home Equity Loans (5.750%–6.750% APR across 5–20 year terms), Home Equity Lines of Credit (6.75% variable APR on Prime, $25K–$250K, 10-year draw/15-year repay), the One+ first-time homebuyer mortgage program available in 29 Massachusetts communities, and Auto & Consumer Loans for Massachusetts borrowers.
• ADU Construction-to-Permanent Loan Construction-to-permanent financing for accessory dwelling units on owner-occupied single-family residences in Massachusetts, with one loan closing, the option to keep the first mortgage in place, internal/attached/detached ADU options, minimum credit score 640 and DTI under 45%; intended for long-term rentals (31+ days), not short-term/vacation rentals.
• Credit Builder Loan Loan product designed to help individuals establish or improve credit, with loan amounts from $500–$3,000, flexible 6–24 month terms, 3.50% fixed interest rate, on-time payment reporting to credit bureaus, no origination or application fee and funds set aside into a Statement Savings Account (0.01% APY) until payoff.
• Business Checking Tiered business checking account suite including Easy Business Checking, Business Checking Plus and Enterprise Business Checking for Massachusetts small-to-large local businesses, with options for varying transaction volumes and treasury management services.
• Business Savings Accounts Business savings accounts with 24/7 online banking, mobile banking and phone banking access, free RCB ATM access and FDIC/SIF deposit insurance for Massachusetts businesses.
• Business Loans Comprehensive business lending for local Massachusetts businesses including lines of credit, equipment loans, acquisition financing, commercial real estate financing and SBA financing, positioned as partnerships focused on customer success.
• Treasury Management Services Treasury and cash management services for business clients including ACH origination, Positive Pay fraud protection, overnight sweep accounts, lockbox services, cash management solutions and merchant services through partner Paystri.
• Business Services Business services including merchant card processing delivered through partner Paystri (transparent pricing, no hidden fees, free card terminals, 24/7 support, omnichannel payment acceptance), cash management and remote deposit services for streamlined business banking operations.
• Business Credit Cards Business credit card suite including the Business Rewards Credit Card, Business Cash Rewards Credit Card, Business Edition Credit Card and Company Rewards Charge Card, with expense management tools, no-cost employee cards, fraud monitoring and rewards programs (the Company Rewards Charge Card is specifically designed for nonprofits and municipalities).
• Personal Credit Cards Personal credit cards issued through TCM Bank including the Cash Rewards Platinum Credit Card (1% cash back), Secured Platinum Credit Card and Rewards Platinum Credit Card (1 point per dollar), with FICO score access, cell phone protection and travel accident insurance for Massachusetts consumers.
• Business Online & Mobile Banking Online and mobile banking channels for managing business accounts, paying bills and performing account transactions with business-specific features.
• Non-Profit Banking Dedicated banking services designed specifically for nonprofit organizations and municipalities in Massachusetts, including nonprofit checking and the Company Rewards Charge Card; structured to deliver low-rate, no-annual-fee banking aligned with mission-driven financial management needs.

Quantifiable outcome

• Over the past five years, RCB averaged 20% annual growth in assets and doubled the number of employees.
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Five partnerships are on record, tiered minor and core.

• RMLD (Reading Municipal Light Department)minorStrategic or Co-development Partner · 4 March 2026RMLD and Reading Cooperative Bank launched a new Heat Pump 0% Interest Loan Program with a community 'Meet and Greet' Event. This partnership supports local clean energy adoption by offering 0% interest financing for heat pump installations to local residents.
• Wakefield Co-operative BankcoreStrategic or Co-development Partner · 1 January 2025Wakefield Co-operative Bank merged its assets with Reading Cooperative Bank in January 2025. This partnership significantly expanded RCB's presence in the market, with RCB inheriting Wakefield Cooperative Bank's operations, employees, and customer base.
• Lumen Wealth ManagementcoreStrategic or Co-development Partner · 1 January 2009RCB has a long-standing partnership with Gino P. Molettieri of Lumen Wealth Management, an independent financial adviser and Investment Adviser Representative of Raymond James Financial Services Advisors, Inc. Lumen Wealth Management provides financial planning services to RCB customers including accumulation, retirement planning, estate planning, and risk management. Securities are provided through Raymond James Financial Services, Inc. This partnership has existed since 2009.
• Alloy LabsminorStrategic or Co-development PartnerJulieann Thurlow is a founding member of Alloy Labs, a consortium of banks nationally formed to innovate in the banking space. This alliance provides RCB access to collective innovation resources and a network of peer institutions focused on banking technology advancement.
• Mass Fintech HubminorStrategic or Co-development PartnerJulieann Thurlow serves as Co-Chair of the MA Fintech Hub along with Sears Merritt, providing a forum for collaboration between traditional banks and fintech companies in Massachusetts. RCB benefits from access to fintech innovation and can contribute industry perspective to the fintech ecosystem.

Scale indicators7 records

Recent moves10 records

Expansion highlights6 records

Market position

Strengths2 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/ReadingCoopBank
• YouTubeyoutube.com/user/ReadingCoop
• Facebookfacebook.com/readingcooperativebank
• LinkedInlinkedin.com/company/reading-co-operative-bank
• Instagraminstagram.com/readingcooperativebank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Reading Cooperative Bank