Reading Cooperative Bank
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.
- Company typePrivate
- Founded1886
- HeadquartersReading, United States
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
Reading Cooperative Bank firmographics
Firmographics- 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
Reading Cooperative Bank industry classification
Industry- 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
Where Reading Cooperative Bank is headquartered
LocationHeadquarters
- HQ city
- Reading
- HQ country
- United States
- HQ region
- North America
Offices12 records
Markets served
Reading Cooperative Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- 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.
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Home Equity Line of Credit (HELOC): Variable APR of 6.75% based on Prime Rate; minimum loan $25,000; maximum $250,000; 10-year draw, 15-year repayment. |
| Subscription | Monthly | Fixed Rate Home Equity Loans: Rates range from 5.750% (5-year) to 6.750% (20-year) APR for loans up to $250,000. |
| Subscription | Monthly | Auto Loans: New 2026 model year: 7.25% APR (48-mo), 8.00% APR (60-mo), 8.75% APR (72-mo). Used 2021-2025: 8.75% APR (36-mo), 9.50% APR (48-mo), 9.75% APR (60-mo). |
| Subscription | Monthly | Credit Builder Loan: $500–$3,000 loan amount, 6–24 month terms, 3.50% fixed interest rate. |
| Subscription | Monthly | Personal Loans (On Demand): Revolving line of credit at 15.00% APR; term loan 36-month max at 15.00% APR, payment $34.67 per $1,000. |
| Subscription | Monthly | Value Checking: No monthly maintenance fee, free ATM usage on RCB network, free online banking and bill pay, free MasterMoney debit card. |
| Subscription | Monthly | Value NOW Checking: Earns interest; $10 monthly maintenance fee waived with $500 minimum daily balance OR direct deposit; free online banking. |
| Subscription | Monthly | On-the-Go Checking: $3.99 monthly maintenance fee (waivable with $100 minimum daily balance), unlimited out-of-network ATM fee rebates. |
| One time/ perpetual license | Pay-as-you-go | ADU Construction-to-Permanent Loan: One loan closing; allows keeping first mortgage in place; minimum credit score 640, DTI under 45%. |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels9 records
Reading Cooperative Bank product offering
Product offeringCore 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
Companies that use Reading Cooperative Bank
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Reading Cooperative Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature5 records
Reading Cooperative Bank partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered minor and core.
- RMLD (Reading Municipal Light Department)minorRMLD 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 BankcoreWakefield 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 ManagementcoreRCB 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 LabsminorJulieann 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 HubminorJulieann 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
Reading Cooperative Bank competitors and assessment
Company assessmentMarket position
Strengths2 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Reading Cooperative Bank social profiles
Digital presenceReading Cooperative Bank compliance and trust
Trust signalCompliance3 records
Reading Cooperative Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Reading Cooperative Bank leadership team
Management profileNumber of profiles
Profiles7 records
Reading Cooperative Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Reading Cooperative Bank M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Reading Cooperative Bank
What does Reading Cooperative Bank do?
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.
Is Reading Cooperative Bank a public or private company?
Reading Cooperative Bank is a private company. It is classified as management employee owned and is currently operating.
When was Reading Cooperative Bank founded?
Reading Cooperative Bank was founded in 1886. It employs 101 to 250 people.
Where is Reading Cooperative Bank based?
Reading Cooperative Bank is headquartered in Reading, United States, in the North America region.
How does Reading Cooperative Bank make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are non-Interest Income (Fees and Charges) and loan Origination and Servicing Fees.
Does Reading Cooperative Bank have an API?
No public API is recorded for Reading Cooperative Bank.
What industry is Reading Cooperative Bank in?
Reading Cooperative Bank's product category is Community Banking. Its primary akta.pro industry code is FSABAEAF, Cooperative Banks (Member-Owned Commercial/Retail). Its NAICS code is 5221 and its SIC code is 6022.