Haverhill Bank

What Haverhill Bank does

Haverhill Bank is a Massachusetts-chartered, depositor-owned cooperative bank founded on August 12, 1877 as the Haverhill Cooperative Savings Fund and Loan Association — the oldest cooperative bank in Massachusetts — operating under parent holding company HB Holdings. The bank serves personal and small-/mid-sized business customers through five physical branches across Massachusetts (Main Office Haverhill, Bradford, Rosemont, Merrimac, West Newbury) and one branch in Salem, New Hampshire, with a defined CRA assessment area and full FDIC plus Depositors Insurance Fund (DIF) deposit insurance providing 100% coverage above FDIC limits.

The bank operates a conventional community-banking platform: deposit products spanning three personal checking tiers (Free Regular, NOW, Gold), four savings vehicles (Regular, Statement, Money Market, Christmas/Name Your Own Club), CDs from 3 months to 5 years, and Traditional/Roth/Coverdell IRAs; consumer lending includes fixed-rate residential mortgages (including jumbo up to $2M, first-time homebuyer, low/moderate-income, and Equity Builder programs), HELOCs, auto loans (36-60 month terms), and personal unsecured loans ($3K-$5K at 14.25% APR). Business banking adds Business Basic/Plus Checking, business savings/MMA, business CDs, SBA Express and Export Express lending (36-hour response time), commercial mortgages, construction loans, equipment financing, lines of credit, standby letters of credit, and treasury services. The digital layer is third-party core banking (COCC iBanking) with iOS/Android mobile apps, mobile deposit, online bill pay, QuickBooks/Quicken export, Apple/Google/Samsung Pay tokenization, and 24/7 telephone banking.

Revenue is generated primarily through net interest income — spreads on residential mortgages, commercial loans, and consumer credit funded by deposits — supplemented by overdraft/ATM/wire/safe-deposit fees, merchant card-processing economics from the Elavon (via Serve First Solutions) partnership, credit-card program economics from the Elan Financial Services partnership, and pass-through payroll referrals to Paychex. Loan-to-deposit ratios of 90.32%-92.04% indicate aggressive balance-sheet deployment. Under former CEO Thomas L. Mortimer (2010-2024), assets nearly tripled from $240M to $643M and deposits grew by $306M; Gregory J. Shaw succeeded as CEO effective December 31, 2025.

Name

Haverhill Bank

Legal name

Haverhill Bank

Website

https://haverhillbank.com

Company type

Private

Founded year

1877

Operating status

Operating

Headcount range

11–50 employees

Short description

Haverhill Bank is the oldest cooperative bank in Massachusetts, founded in 1877, providing personal and small-/mid-sized business banking through five branches across Massachusetts and New Hampshire, with approximately $643 million in assets and full FDIC-plus-DIF deposit insurance.

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), State Commercial Banks (6022)

akta.pro primary industry

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

akta.pro secondary industries

Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Community banking services
• Personal banking products
• Commercial lending solutions
• Residential mortgage loans
• Small business lending

Headquarters

HQ city

Haverhill

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, Supply Chain, Others

Revenue model

1. Net Interest Income: Interest income earned from lending activities including residential mortgages, commercial loans, and consumer loans, offset by interest paid on deposits. This is the primary revenue stream for the bank.
2. Banking Fees and Service Charges: Fees from overdraft privilege, ATM usage, wire transfers, safe deposit boxes, and other account services.
3. Credit Card Revenue: Revenue from credit card programs issued through Elan Financial Services partnership.
4. Business Service Fees: Fees from merchant services, payroll services, remote deposit capture, and other business banking services.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Haverhill Bank is a depositor-owned cooperative community bank offering a full suite of personal and business banking products — including checking, savings, money market, CDs, IRAs, residential mortgages, auto and personal loans, credit and debit cards — alongside business banking services such as SBA loans, commercial mortgages, lines of credit, merchant services, payroll, remote deposit, ACH, and wire transfers. The institution operates five branches in Massachusetts and New Hampshire, supported by an iBanking online platform, native mobile app with mobile deposit, online bill pay, telephone banking, and a surcharge-free SUM/MoneyPass ATM network.

Product overview

Haverhill Bank is a community bank offering a comprehensive suite of personal and business banking products organized as a platform-plus-services model. Personal banking includes three checking account tiers (Free Regular, NOW, and Gold Checking), multiple savings options (Regular, Statement, Money Market, Christmas Club, and Name Your Own Club), Certificates of Deposit, Traditional/Roth/Coverdell IRAs, auto loans, personal unsecured loans, and fixed/variable rate mortgages including first-time homebuyer and home equity products. Business banking encompasses Basic and Plus Checking, Business Savings and Money Market, Business CDs, SBA loans, equipment financing, commercial mortgages, construction loans, and lines of credit. Both segments share enabling services including Online Banking (iBanking) with QuickBooks/Quicken integration, Mobile Banking with Mobile Deposit, Online Bill Pay, Business Remote Deposit 24, Merchant Services (Elavon), Payroll Services (Paychex), ACH origination, wire transfers, debit/ATM cards, credit cards, and overdraft protection. The bank operates as the oldest cooperative bank in Massachusetts with $643 million in assets serving communities in Massachusetts and New Hampshire.

Differentiator

Problem solved

Functional benefit

Products and services

• Free Regular Checking Fee-free personal checking account with no minimum balance requirements, including free online and mobile banking, mobile deposit, eStatements, and ATM/debit card access with surcharge-free ATM networks. For individual consumers.
• NOW Checking
• Gold Checking
• Regular Savings
• Statement Savings
• Money Market Account
• Christmas Club Account
• Name Your Own Club Account
• Certificates of Deposit (CDs)
• Traditional IRA
• Roth IRA
• Coverdell Savings Account
• Auto Loans
• Personal Unsecured Loans
• Fixed Rate Mortgages
• Jumbo Fixed Mortgages
• First Time Homebuyer Program
• Home Equity Lines of Credit (HELOC)
• Consumer Credit Cards
• Mastercard Debit Card
• Online Banking (iBanking)
• Mobile Banking App
• Mobile Deposit
• Online Bill Pay
• Business Basic Checking
• Business Plus Checking
• Business Savings Account

Quantifiable outcome

• Assets grew from $240 million to $643 million during Mortimer's tenure (2010-2024)
• +1 more outcomes

Segments3 records

Ideal customer profiles2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature5 records

Partnerships

One partnership is on record.

• Serve First SolutionsminorImplementation/ SI/ Consulting PartnerServe First Solutions is the account representative for merchant services provided by Elavon. They handle onboarding and support for business customers utilizing card processing services.

Scale indicators6 records

Recent moves9 records

Expansion highlights6 records

Market position

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/haverhill_bank
• Facebookfacebook.com/haverhillbank
• LinkedInlinkedin.com/company/haverhill-bank

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 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 Haverhill Bank