Cornerstone Bank

Name

Cornerstone Bank

Legal name

Cornerstone Bank

Website

https://cornerstonebank.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Savings Institutions and Other Depository Credit Intermediation (522180), Commercial Banking (522110)

SIC

State Commercial Banks (6022), Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Affluent/Premier Retail Banking (Mass Affluent) (FSABAAAG), Student & Youth Banking (FSABAAAH)

Keywords

• Community banking services
• Retail deposit products
• Commercial lending
• Residential mortgages
• Small business banking

Headquarters

HQ city

Worcester

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Primary revenue from interest earned on loans including mortgages, commercial loans, consumer loans, and home equity products. Interest rate spreads between deposits and lending products.
2. Fee Income: Various banking fees including monthly maintenance charges, overdraft fees, ATM fees, wire transfer fees, safe deposit box rental, research fees, and account service charges.
3. Deposit Account Fees: Revenue from checking account monthly maintenance fees (Premier Checking $12, Classic Checking $10), money market accounts, and CD penalties.
4. Service Charges: Income from business banking services, commercial checking, IOLTA accounts for attorneys, nonprofit checking, and commercial lending services.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Cornerstone Bank is a community bank offering deposit accounts (checking, savings, money market, CDs, IRAs), consumer and commercial lending products (mortgages, HELOCs, consumer loans, commercial business loans, commercial real estate, SBA loans), and digital banking services through its iMobile app and online platform. The bank serves personal and business customers across Central Massachusetts and Northern Connecticut via 17 full-service branches, complemented by value-added commercial tools such as the ZEscrow subaccounting platform and a Greenlight family finance partnership.

Product overview

Cornerstone Bank is a community bank serving Central Massachusetts and Northern Connecticut, formed in 2017. The bank offers a comprehensive suite of deposit products including checking accounts (Premier, Classic, Simply Free, RITE Student Checking), savings accounts (Statement, Premier, Personal Money Market, Premier Money Market), certificates of deposit, and Individual Retirement Accounts (Traditional and Roth). Business banking products include Commercial Checking, Business Maker Checking, IOLTA, Nonprofit Checking, and ZEscrow commercial escrow management. The bank provides lending services through mortgages, home equity lines of credit, consumer loans, commercial business loans, commercial real estate loans, and SBA lending. Digital banking is delivered through online and mobile platforms with integrations for Zelle, digital wallets (Apple Pay, Google Pay), and MX financial management. A partnership with Greenlight provides family finance tools for teaching children money management.

Differentiator

Problem solved

Functional benefit

Products and services

• Premier Checking Interest-bearing personal checking account with $25 minimum to open and $12 monthly maintenance fee waived with $2,500 daily balance or $5,000 combined daily balance. Includes free ATMs nationwide, preferred savings rates, free checks, online/mobile banking with bill pay, uChoose Rewards, and credit monitoring for individuals and families.
• Classic Checking Standard personal checking account with free ATMs nationwide and a $10 monthly maintenance service charge, with a paperless option that saves $4 per month. Designed for consumers seeking core checking features.
• Simply Free Checking No-fee personal checking account with no monthly maintenance service charges regardless of balance and eStatements. Massachusetts-designated 18/65 account offering basic consumer checking with no monthly fees.
• RITE Student Checking Student checking account for ages 14-25 with no monthly maintenance fee until age 26 (then $6 monthly). Includes free ATMs, mobile banking with mobile deposits, Zelle, buyer's protection, ID theft aid, roadside assistance, cell phone protection, and travel accidental death coverage.
• Statement Savings Interest-bearing personal savings account with $10 minimum to open, no monthly maintenance charge, monthly statement, and ATM card access for consumer savers.
• Premier Savings Savings account offered exclusively to Premier Checking customers, with higher interest rates when paired with Premier Checking and Early Pay benefits available with direct deposit.
• Personal Money Market Tiered interest-bearing personal money market account with $25 minimum to open; higher balances earn higher rates with no monthly maintenance fees for individual savers.
• Premier Money Market Personal money market account with $1,000 minimum to open, providing high interest rates and liquidity with no monthly maintenance charges.
• Certificate of Deposit Personal savings certificates with terms from 6 months to 5 years, $500 minimum to open, FDIC- and DIF-insured, with rates guaranteed for the term length.
• Individual Retirement Account (IRA) Tax-advantaged retirement savings accounts available as Traditional IRA (tax-deductible contributions) and Roth IRA (tax-free qualified distributions). Offered as IRA Certificates of Deposit with terms from 6-24 months for individual retirement savers.
• Commercial Checking Commercial checking account for larger incorporated businesses, featuring earnings credit toward service charges, unlimited electronic transfers, remote deposit capture, eStatements, and monthly statements with check images.
• Business Maker Checking Small business checking account offering first 100 checks free per month, no minimum balance requirement, no deposit fees, and a complimentary first check order for new customers (up to $100 value).
• IOLTA (Interest on Lawyers Trust Account) Checking IOLTA checking account for attorneys and law firms holding escrow funds for multiple clients. Interest collected is distributed to legal aid programs. $25 minimum to open with unlimited monthly activity.
• Nonprofit Checking Checking account designed exclusively for nonprofit organizations with $25 minimum to open, no monthly maintenance charge, free online banking, bill pay, and 24/7 telephone banking for community and charitable organizations.
• Mortgages Residential mortgage lending for homebuyers including purchase loans, construction loans, refinancing, and home equity products, supported by experienced loan officers across Central Massachusetts and Northern Connecticut.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity with online and mobile banking access for advances, a fixed-rate advance option to lock in predictable rates, and the ability to manage multiple fixed-rate segments for homeowners.
• Consumer Loans Personal loans for various consumer needs including auto purchases, with competitive interest rates and flexible terms for individuals.
• Commercial Business Loans Business lending services including commercial loans for purchases, refinancing, and financing daily operations, delivered by the bank's dedicated commercial lending team.
• Commercial Real Estate Loans Commercial real estate financing for business property purchases, development, and investment properties provided by the commercial lending team.
• SBA Lending Small Business Administration lending services handling all aspects of SBA loans, specializing in SBA 7(a) and other SBA programs for small business borrowers across Central Massachusetts.
• Credit Cards Personal and business credit card products with various rewards and benefits programs for consumers and business customers.
• ZEscrow Commercial escrow and subaccounting web platform for landlords to manage security deposits and escrow accounts. Provides 24/7 online access, over 1,000 digital folders for property management, and is free for commercial clients.
• Moola Kids Savings Children's savings program designed to teach saving habits with parental involvement for kids and families in the bank's service area.

Quantifiable outcome

• Over $30,000 in scholarships provided annually to local students
• +2 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Greenlight Financial TechnologycoreStrategic or Co-development Partner · 1 May 2025Partnership to provide free Greenlight SELECT family finance app to customers. Greenlight offers debit card and app allowing parents to send money, automate allowance, manage chores, set spending controls, and provides financial literacy education through Level Up curriculum. Cornerstone customers receive free Greenlight SELECT plan when connecting their Cornerstone account as funding source.
• RCAP SolutionscoreStrategic or Co-development PartnerJoint homebuyer workshops hosted by Cornerstone Bank and RCAP Solutions providing free education on home search, financing, and closing process. First-time homebuyers receive $1,000 closing cost coupon upon workshop attendance.
• PeoplesBankminorOthersAffiliated financial company mentioned in privacy policy. Cornerstone Bank's affiliates include financial companies such as PeoplesBank.
• ZEscrow PlatformcoreTechnology or IntegrationZEscrow is a digital commercial escrow and subaccounting platform provided to commercial clients at no charge. Enables landlords to manage security deposits and escrow accounts online 24/7.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Salem Five Bank: Salem Five is a Massachusetts mutual savings bank with full-service branches offering deposit, mortgage, and commercial lending products. Comparable community-bank model serving North of Boston / Central Massachusetts consumer and SMB markets.
• Avidia Bank: Avidia Bank is a Massachusetts community bank operating in Central Massachusetts and MetroWest, offering consumer, business, and mortgage lending. Direct competitive overlap with Cornerstone's primary market and product mix.
• Rockland Trust (Independent Bank Corp): Rockland Trust is a Massachusetts-headquartered community bank operating ~150 branches across Eastern Massachusetts and Rhode Island with similar consumer/SMB deposit and lending products. Highly comparable to Cornerstone in model, geography, and customer profile.
• Berkshire Hills Bancorp (Berkshire Bank): Berkshire Bank is a New England community bank with comparable deposit franchise, consumer/commercial lending, and community-bank operating model. Both compete for similar SMB and retail customers in New England markets.
• Brookline Bancorp: Brookline Bancorp operates a network of Massachusetts community banks including Brookline Bank, Bank Rhode Island, and others — directly comparable in scale, geography, and product mix to Cornerstone's community banking model.
• Middlesex Savings Bank: Middlesex Savings Bank is a Massachusetts mutual community bank with comparable deposit, mortgage, and commercial lending products serving communities west and north of Boston with overlap into Cornerstone's territory.
• East Boston Savings Bank (Meridian Bancorp): East Boston Savings Bank is a Massachusetts-chartered mutual savings bank with deposit and lending products serving Eastern and Central Massachusetts communities — highly comparable franchise and customer base to Cornerstone.
• UniBank (Whitinsville, MA): UniBank is a Massachusetts community savings bank serving Worcester County and MetroWest with consumer and business banking products. Direct geographic overlap with Cornerstone's Worcester County footprint and similar product suite.

Broad incumbents

• Citizens Bank (Citizens Financial Group): Citizens Bank is a large regional super-bank with extensive Massachusetts branch presence, competing with Cornerstone across consumer, mortgage, and commercial segments. Larger scale and broader product set represent direct competitive pressure despite different overall franchise breadth.
• Santander US: Santander operates a meaningful New England branch network offering consumer and commercial banking products, providing broader-incumbent competition for Cornerstone's deposit and SMB customers in Massachusetts.

Market position

Strengths1 record

Weaknesses1 record

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cornerstonebankma
• Facebookfacebook.com/CornerstoneBankMA

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments1 record

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

Frequently asked questions about Cornerstone Bank