North Brookfield Savings Bank

What North Brookfield Savings Bank does

North Brookfield Savings Bank is a Massachusetts-chartered mutual savings bank founded in 1854 and headquartered at 35 Summer Street, North Brookfield. Owned by its depositors rather than shareholders, the bank operates six full-service branches across the Central and Western Massachusetts towns of North Brookfield, East Brookfield, West Brookfield, Ware, Belchertown, and Three Rivers, serving local individuals, families, first-time homebuyers, students, and small businesses. The bank is one of the oldest continuously operating community banks in the state and operates under FDIC supervision with the Federal Reserve as its primary federal regulator.

The bank delivers a full traditional retail and small-business banking product set, spanning deposit products (Freedom Checking, savings, 21-month CDs at 3.41% APY, money market at 3.61% APY with $50K minimum, IRAs, student banking), lending products (30-year conventional fixed mortgages at 6.397% APR, first-time homebuyer programs, Mass Save HEAT loans, HELOCs, auto and consumer loans, SBA business loans via its Preferred Lender status, business lines of credit), and digital services (free online banking and bill pay, iOS/Android mobile apps with card controls, mobile wallet integration with Apple Pay/Google Pay/Samsung Pay, and 24-hour telephone banking at 1-800-433-3781). Underlying technology is conventional community-bank infrastructure: a virtual-branch online banking platform (secure.myvirtualbranch.com), a dedicated online mortgage origination platform, 128-bit VeriSign SSL encryption, hardware router and software firewall security, and 24-hour debit-card fraud monitoring with verification callbacks.

Revenue is generated through a net interest margin model — interest income on mortgage, consumer, business, and home-equity lending funded by customer deposits — supplemented by fee income from overdrafts, wire transfers, and account services. Distribution combines in-person personal banking at the branch network with self-service digital channels, while marketing is driven by community-led engagement including annual food and toy drives, the $5,000 scholarship program for students at 10 local high schools, Habitat for Humanity playhouse sponsorship, and America Saves Week financial-literacy initiatives. Leadership transitioned from long-tenured former President & CEO Donna Boulanger (2008-2022, under whom assets more than doubled and Family First Bank was acquired) to current President & CEO Kaz Borawski.

Name

North Brookfield Savings Bank

Legal name

North Brookfield Savings Bank

Website

https://northbrookfieldsavingsbank.com

Company type

Private

Founded year

1854

Operating status

Operating

Headcount range

101–250 employees

Short description

North Brookfield Savings Bank is a 170-year-old Massachusetts-chartered mutual savings bank operating six full-service branches across Central and Western Massachusetts, offering retail deposits, mortgages, consumer and business loans, and SBA lending to local individuals, families, students, and small businesses.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

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

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

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

akta.pro secondary industries

Savings Banks (Public/State-Owned) (FSABAKAK), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Retail banking services
• Community savings bank
• Mortgage lending
• Small business lending
• Consumer deposit accounts

Headquarters

HQ city

North Brookfield

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: Interest earned on mortgage loans (residential), consumer loans, business loans, and lines of credit. Revenue generated through spread between loan interest rates and cost of deposits.
2. Deposit Account Fees and Service Charges: Fee income from overdrafts, wire transfers, and other account services. Some free checking accounts available with fee income from other services.
3. Deposit Products: Interest-bearing deposits including checking, savings, CDs, money market accounts, and IRAs. Customer deposits used to fund lending operations.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

North Brookfield Savings Bank is a mutual savings bank that provides retail and business banking services through six branches in Central and Western Massachusetts. Core offerings include personal deposit accounts (checking, savings, CDs, money market, IRAs), residential mortgages, home equity lines of credit, consumer loans, and business deposit and lending solutions including SBA loans. Banking is delivered via in-branch service, online banking, mobile banking, and telephone banking channels.

Product overview

North Brookfield Savings Bank offers a comprehensive suite of traditional banking products and services through a network of six branch locations in Central and Western Massachusetts. The bank's personal banking portfolio includes checking accounts (Freedom Checking), savings and CD accounts, money market accounts, individual retirement accounts, and student banking programs. Digital banking is delivered through Online Banking, Mobile Banking apps with card controls, Mobile Wallet integration (Apple Pay, Google Pay, Samsung Pay), and 24-hour Telephone Banking. The bank provides lending solutions including residential mortgages (30-year conventional fixed and first-time homebuyer programs), home equity lines of credit, consumer loans, auto loans, and a Refinance Center. Business banking services encompass business deposit solutions with fee-free ATM access, SBA Preferred Lender loans, and business lines of credit. Account management features include Automatic Transfers and eStatements for paperless operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts
• Savings & CD Accounts
• Money Market Accounts
• Individual Retirement Accounts (IRAs)
• Student Banking
• Online Banking & Bill Pay
• Mobile Banking
• Mobile Wallet
• Bank Debit Cards
• Residential Mortgages
• Home Equity Line of Credit (HELOC)
• Consumer Loans
• Business Deposit Solutions
• Business Loans and Lines
• Mass Save HEAT Loans

Quantifiable outcome

• Asset size more than doubled during leadership tenure (2008-2022)
• +2 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature6 records

Partnerships

Three partnerships are on record, tiered minor.

• Habitat for Humanity MetroWest/Greater WorcesterminorGTM or Marketing Partner · 20 May 2026NBSB sponsored two playhouse builds through Habitat for Humanity MetroWest/Greater Worcester's Operation Playhouse program, dedicated to supporting local military and veteran families. NBSB volunteers participated in building custom playhouses gifted to deserving military families. Partnership combines financial sponsorship with employee volunteer involvement.
• America SavesminorStrategic or Co-development Partner · 7 April 2025NBSB participated in America Saves Week 2025, an annual national campaign encouraging individuals and families to commit to saving successfully. NBSB distributed educational resources on social media, in branch locations, and encouraged community conversations about financial wellness. Partnership focuses on improving financial literacy and savings habits in the communities served.
• Mass SaveminorGTM or Marketing Partner · 1 January 2025NBSB participates in the Mass Save program offering HEAT Loans for energy efficiency improvements to homeowners in Central and Western Massachusetts. Mass Save is a collaborative initiative of Massachusetts utilities and energy efficiency service providers.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• East Boston Savings Bank: Massachusetts mutual savings bank offering comparable retail deposit, mortgage, and consumer lending products through a community branch network. Structurally and operationally similar to NBSB as a depositor-owned mutual institution.
• Brookline Bank: Massachusetts-based community bank offering deposit products, residential mortgages, and small-business lending. Directly comparable to NBSB in product mix, customer segments (consumers and local SMBs), and community banking orientation.
• Easthampton Savings Bank: Massachusetts mutual savings bank serving Western Massachusetts with deposit, mortgage, and consumer lending products. Highly comparable to NBSB in mutual structure, geographic overlap, and community bank positioning.
• Country Bank: Massachusetts community bank offering consumer and business banking, mortgages, and SBA loans with a similar branch-based distribution model. Direct competitor to NBSB in Central Massachusetts small-business and consumer segments.
• Mechanics Cooperative Bank: Massachusetts cooperative (mutual-style) bank providing deposit accounts, mortgages, and consumer loans. Comparable to NBSB as a cooperatively-structured community institution serving similar customer demographics.
• Bay State Savings Bank: Massachusetts mutual savings bank offering deposit products, mortgages, and consumer loans through community branches. Closely comparable in size, mutual structure, and community banking orientation to NBSB.
• Reading Cooperative Bank: Massachusetts cooperative bank providing deposit, mortgage, and small-business banking. Comparable to NBSB in cooperative ownership structure, consumer-focused product mix, and community bank operating model.

Broad incumbents

• Berkshire Bank: Regional community bank headquartered in Western Massachusetts with a broader branch network and full commercial banking capabilities. Larger than NBSB but overlaps significantly in consumer deposit, mortgage, and small-business banking in the same geographies.
• Salem Five Bank: Massachusetts-based community bank with a wider branch network and full suite of retail and business banking products. Larger and more geographically diverse than NBSB, but overlapping in core consumer and SMB banking services.
• Rockland Trust (Independent Bank Corp): Massachusetts-headquartered community bank operating a broad branch network across the state with retail, mortgage, and commercial banking. Larger regional incumbent with overlapping product set and similar SMB focus as NBSB.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/NorthBrookfieldSavingsBank
• LinkedInlinkedin.com/company/north-brookfield-savings-bank

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about North Brookfield Savings Bank