Bank of Canton

What Bank of Canton does

Bank of Canton is a Massachusetts-chartered mutual savings bank established in 1835, operating without stockholders and owned by its depositors and borrowers. The bank serves consumer, business, and government/municipal clients through a three-branch footprint in Canton, Quincy, and Randolph, plus a mortgage center in Auburn, and lends throughout Massachusetts. As a mutual institution, profits are returned to customers through competitive rates, free checking with no monthly service fees, and limited fees, while the bank reinvests in the community through charitable donations exceeding $2.42 million since 2005.

The product suite spans personal banking (free checking, savings, CDs, fixed and adjustable-rate mortgages, HELOC, home equity loans, personal loans, and TCM Bank-issued credit cards), business banking (commercial loans and lines, commercial real estate, construction loans, business checking, business savings, and cash management services including Positive Pay and remote deposit), government/municipal banking (serving 100+ Massachusetts municipalities), and wealth management (delivered through B.O.C. Financial Services and Osaic Institutions). Specialized mortgage programs include down payment assistance grants up to $40,000 through partnerships with MassHousing, FHLB Boston, Freddie Mac, and Fannie Mae.

The bank's technology stack is predominantly third-party: digital banking is powered by Fiserv (online banking and iOS/Android mobile apps), person-to-person payments via Zelle, mobile wallets through Apple Pay and Samsung Pay, soft-token multifactor authentication for business accounts, and debit card controls through CardValet. Wealth management and insurance are offered under referral arrangements with Osaic Institutions, and credit cards are issued and serviced by TCM Bank. Revenue is generated primarily through net interest income on the lending portfolio (mortgages, commercial real estate, construction, business loans, home equity, and personal loans), supplemented by deposit account fees, cash management service fees, and referral/affiliation income from investment and insurance partners.

Name

Bank of Canton

Legal name

Bank of Canton

Website

https://thebankofcanton.com

Company type

Private

Founded year

1835

Operating status

Operating

Headcount range

101–250 employees

Short description

Bank of Canton is a Massachusetts-chartered mutual savings bank established in 1835, serving consumers, businesses, municipalities, and wealth management clients across Massachusetts through three branches, a mortgage center, and Fiserv-powered digital banking.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

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

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro industry

PRIMARYFSABAAAA

Mass-Market Consumer Deposit Banking (Checking/Savings)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Retail Banking

SECONDARYFSALAAAA

Bank Branch / Retail Purchase Mortgages

Financial & Insurance/Mortgage & Housing Finance/Residential Mortgage Origination (Retail & Consumer Direct)

SECONDARYFSABAAAJ

Retail Wealth & Bancassurance Distribution (Investment & Insurance via Bank)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Retail Banking

SECONDARYFSABACAH

Real Estate (Commercial Property, REITs)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Corporate Banking (Large Corporates)

SECONDARYFSABAAAE

Branch & In-Person Banking (Teller/ATM Networks)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Retail Banking

Keywords

• Community banking
• Mutual savings bank
• Commercial lending
• Mortgage financing
• Wealth management

Headquarters

HQ city

Canton

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: Primary revenue source from interest earned on mortgage loans (fixed and adjustable rate), commercial real estate loans, construction loans, business loans, home equity loans/LOC, and personal loans. As a mutual savings bank, profits are returned to customers through better rates and fewer fees.
2. Deposit Account Fees and Service Charges: Fee income from checking accounts (though free checking options available), overdraft protection, and other account services.
3. Investment and Insurance Referral Fees: Revenue from referral arrangements with Osaic Institutions for investment and insurance products offered through B.O.C. Financial Services. Bank of Canton does not directly provide these services but receives referral/affiliation benefits.
4. Fee-based Services: Cash management services, remote deposit, merchant services, and other business banking services generate fee income.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Bank of Canton is a Massachusetts-chartered mutual savings bank that delivers consumer banking (checking, savings, CDs, mortgages, home equity, personal loans, and credit cards), business banking (commercial loans, commercial real estate loans, construction loans, business deposit accounts, cash management, and merchant services), government/municipal banking, and wealth management services through B.O.C. Financial Services. Distribution occurs via three retail branches (Canton, Quincy, Randolph), a mortgage center in Auburn, online and mobile banking channels powered by Fiserv, and integrated payment networks including Zelle, Apple Pay, and Samsung Pay.

Product overview

Bank of Canton is a Massachusetts-chartered mutual savings bank established in 1835, offering a comprehensive suite of banking products and services through both digital channels (online and mobile banking) and physical branch locations in Canton, Quincy, Randolph, and a mortgage center in Auburn. The bank's core offerings include personal banking (Free Checking, Savings & CDs, Mortgages, Home Equity Loans & Lines, Personal Loans & Credit Cards) and business banking (Business Loans & Lines, Commercial Real Estate Loans, Commercial Construction Loans, Business Checking, Business Savings & CDs, Cash Management, Government Banking). The bank also provides wealth management services through B.O.C. Financial Services (offered in partnership with Osaic Institutions, Inc.), including investing for growth, retirement income planning, estate planning, and college planning. Digital banking capabilities encompass Online Banking & Bill Pay, Mobile Banking & Mobile Deposit, Zelle® peer-to-peer payments, Apple Pay, Samsung Pay, and eStatements. Specialized mortgage programs include Equity Builder Grants (up to $32,099), Housing Our Workforce Grants (up to $25,000), and Lift Up Homeownership Grants (up to $40,000), alongside MassHousing and HomeReady/Home Possible programs. Business cash management services include Positive Pay fraud protection, Remote Deposit, Sweep Accounts, and Merchant Services.

Differentiator

Problem solved

Functional benefit

Brands

• B.O.C. Financial Services: Wealth management and investment services offered through Osaic Institutions, Inc., providing investing for growth and savings, retirement income planning, estate planning, college planning, and business investment planning.
• B.O.C. Life Solutions

Products and services

• Free Checking Personal checking accounts with no monthly service fees offering free nationwide ATMs or competitive interest rates depending on tier. For individual consumers and families.
• Personal Savings & CDs Personal savings accounts and certificates of deposit fully insured by FDIC and DIF. CDs offer terms from 91 days to 3 years with guaranteed fixed interest rates. For individual consumers seeking safe deposit savings.
• Certificates of Deposit Time deposit accounts with guaranteed fixed rates from 91 days to 3 years. $1,000 minimum for 1-, 2-, and 3-year CDs; $2,500 minimum for 91-day and 6-month CDs; early withdrawal penalty may apply. For individual consumers.
• Mortgages Fixed- and adjustable-rate mortgages with a range of terms and down payment options, including specialized programs for first-time and low- to moderate-income buyers. Bank of Canton has helped over 18,000 homebuyers since 2010.
• Conventional Mortgage Programs Conventional fixed-rate and adjustable-rate mortgages (conforming and jumbo) with competitive rates, terms, and down payment options. Has helped over 18,000 homebuyers since 2010. For individual consumers.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity with a variable interest rate; available for 10 years with an additional 10-year repayment period; line limits up to 75% of appraised value (up to $300,000) with a 0.50% autopay discount. For individual consumers.
• Home Equity Loans Fixed-rate loans providing lump-sum payouts for home improvements, college costs, debt consolidation, and other purposes, combining fixed rates with predictable monthly payments. For individual consumers.
• Personal Loans & Credit Cards Unsecured personal loans and credit cards issued through a partnership with TCM Bank, offering competitive rates and convenient credit access. For individual consumers.
• Business Loans & Lines Commercial lending products providing flexibility and financing opportunities for organizations of all sizes, including term loans and revolving lines of credit. For businesses and commercial enterprises.
• Commercial Real Estate Loans Customized financing packages for property acquisition, construction, and construction-to-permanent loans tailored to meet commercial client needs. For businesses and commercial real estate investors.
• Commercial Construction Loans Construction financing spanning all phases of commercial construction projects from inception through property sale. For commercial developers and business owners.
• Business Savings & CDs Business savings options including Business Savings, Business CDs (highest yields), and Business Money Markets (greatest flexibility), all insured by FDIC and DIF. For businesses.
• Business Checking Business checking with fee waivers for accounts maintaining a $2,000 average daily balance, including Business Online Banking, Mobile Card Controls, business debit cards, and earnings credits. For businesses of all sizes.
• Business Online Banking Secure internet banking platform enabling business account management, customizable multi-user access, soft token authentication, and eStatement delivery. For businesses.
• Business Mobile Banking & Mobile Deposit Mobile application enabling check deposits, transaction origination and approval, bill payment, balance review, and alerts with multifactor authentication. Daily mobile deposit limit of $5,000 for business accounts. For businesses.
• Cash Management Suite of business cash flow tools including Positive Pay (fraud protection), Remote Deposit (check scanning), Sweep Accounts, Lockbox Services, ACH and Wire Transfers, and Merchant Services. For businesses.
• Government Banking Specialized municipal banking services with competitive products and rates, minimal fees, and customized programs serving Massachusetts cities and towns for over 175 years. For Massachusetts municipalities.
• Online Banking & Bill Pay Browser-based account management platform providing balance and transaction viewing, transfers, customizable real-time alerts (text, email, or secure message), and bill payment with electronic delivery options. For individual consumers.
• Mobile Banking & Mobile Deposit Mobile banking app for iOS and Android enabling check deposits (up to $3,000/day default limit), bill payment, fund transfers, balance viewing, Zelle payments, and alerts. For individual consumers.
• Wealth Management (B.O.C. Financial Services) Wealth management services offered through Osaic Institutions, Inc., including investing for growth and savings, retirement income planning, estate planning, and college planning. Provided by licensed financial advisors Susan Harkin, Brian J. Allsop, and Peter Fredericksen. For individuals and business owners.
• Equity Builder Program Federal Home Loan Bank of Boston grant program providing income-eligible first-time homebuyers up to $32,099 for down payment, closing costs, property rehabilitation, and homebuyer counseling; five-year forgivable grant requiring no repayment if home is not sold. For income-eligible first-time homebuyers.
• Housing Our Workforce Program Down payment assistance grant providing qualifying buyers up to $25,000 for down payment and closing costs, with higher income limits than the Equity Builder Program. Available to both first-time and experienced homebuyers.
• Lift Up Homeownership Program Down payment and closing cost assistance offering up to $40,000 to income-eligible, first-generation homebuyers. Only one borrower must self-certify first-generation eligibility.
• MassHousing Loans Low-cost home loans through partnership with MassHousing for low- to moderate-income Massachusetts residents, featuring below-market interest rates with low or no down payment requirements.
• HomeReady & Home Possible Mortgages Freddie Mac Home Possible and Fannie Mae HomeReady programs for low- to moderate-income borrowers featuring down payments as low as 3% and flexible underwriting for income and down payment sources.

Quantifiable outcome

• 18,000+ homebuyers and homeowners helped with financing since 2010
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered core.

• TCM Bank, N.A.coreStrategic or Co-development Partner · 1 October 2023Credit card services partnership providing credit cards to Bank of Canton customers. TCM Bank manages credit card accounts, customer service, and mobile app (MyCard Mobile) for Bank of Canton cardholders since November 2023.
• Small Business Administration (SBA)coreStrategic or Co-development Partner · 1 January 2020Partnership to administer Paycheck Protection Program (PPP) loans during COVID-19 pandemic. Bank executed SBA's PPP program providing forgivable loans to eligible businesses for payroll and qualifying expenses.
• Early Warning Services, LLC (Zelle)coreTechnology or IntegrationPartnership with Zelle network to provide fast, secure person-to-person payment capabilities directly from Bank of Canton accounts. Customers can send and receive money using email or mobile number through online banking or mobile app.
• FiservcoreTechnology or IntegrationTechnology partnership powering Bank of Canton's mobile banking application. Fiserv provides the core infrastructure for the Bank of Canton Mobile App enabling account access, deposits, payments, and card management.
• Osaic Institutions, Inc.coreStrategic or Co-development PartnerStrategic partnership for investment and insurance product distribution. B.O.C. Financial Services (a trade name of Bank of Canton) offers investment management, retirement planning, estate planning, and insurance products through Osaic registered representatives at bank branches.
• MassHousingcoreStrategic or Co-development PartnerPartnership to offer low-cost home loans to low- and moderate-income Massachusetts residents at below-market interest rates with low or no down payment requirements. Bank of Canton lends money to qualifying borrowers through this state housing agency partnership.
• Federal Home Loan Bank of Boston (FHLB Boston)coreStrategic or Co-development PartnerPartnership providing access to Equity Builder Program grants for income-eligible first-time homebuyers. FHLB Boston funds grants up to $32,099 for down payment, closing costs, rehabilitation, and counseling services.
• Freddie Mac (Federal Home Loan Mortgage Corporation)coreStrategic or Co-development PartnerPartnership enabling Home Possible mortgage program for low- to moderate-income borrowers featuring down payments as low as 3% and greater underwriting flexibility.
• Fannie Mae (Federal National Mortgage Association)coreStrategic or Co-development PartnerPartnership enabling HomeReady mortgage program for borrowers with modest incomes featuring low down payments and flexible underwriting.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• East Boston Savings Bank: Massachusetts-chartered mutual savings bank operating a similar retail/community banking model with branches concentrated in Greater Boston. Direct comparable on charter type, customer segments, and product mix including DIF-insured deposits.
• Cambridge Savings Bank: Massachusetts mutual savings bank serving consumers and businesses with comparable deposit, mortgage, and commercial lending products. Overlaps Bank of Canton in geography, charter structure, and DIF-insured deposit positioning.
• Salem Five Bank: Massachusetts mutual savings bank offering consumer banking, mortgages, business banking, and wealth services. Closely comparable product suite and mutual charter structure, with a broader but still Massachusetts-centric footprint.
• Middlesex Savings Bank: Massachusetts-chartered mutual savings bank serving MetroWest communities with consumer and business banking. Direct comparable on charter, community orientation, and product breadth within the Massachusetts market.
• Dedham Institution for Savings: Mutual savings bank in the Greater Boston area offering similar consumer deposit, mortgage, and small business products. Highly comparable on charter structure, DIF insurance positioning, and community banking focus.

Broad incumbents

• Rockland Trust (INDB): Large Massachusetts community bank operating a broader branch network and commercial banking franchise across southeastern Massachusetts. Comparable product set but much larger scale and stock-issued corporate structure.
• Brookline Bancorp (BRKL): Massachusetts-based bank holding company with deposit, mortgage, and commercial lending franchises across the region. Compares on geography and customer base but operates as a publicly traded company rather than a mutual.
• Berkshire Hills Bancorp (BHLB): New England regional bank holding company serving Massachusetts, Connecticut, Vermont, and New York with consumer and business banking. Comparable community banking model but with multi-state footprint and public ownership.
• Webster Bank: Large New England-based commercial bank with consumer, business, and wealth management lines, including HSA banking through HSA Bank. Comparable product breadth and Massachusetts presence, but at materially larger scale.

Regional players

• Washington Trust Bancorp (WASH): New England community bank serving Rhode Island, Massachusetts, and Connecticut with consumer banking, mortgage, and wealth management. Comparable community banking focus but primarily Rhode Island-anchored.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/thebankofcanton
• LinkedInlinkedin.com/company/bank-of-canton
• Instagraminstagram.com/thebankofcanton

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries2 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 Bank of Canton