BankGloucester
BankGloucester is a mutual community bank founded in 1887 that serves individual consumers and small-to-mid-sized businesses across Massachusetts's North Shore through three branches and digital banking channels. It offers deposit, lending, business banking, merchant, and investment products on Fiserv-powered technology.
- Company typePrivate
- Founded1887
- HeadquartersGloucester, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What BankGloucester does
BankGloucester is a mutual community bank founded in 1887 in Gloucester, Massachusetts, owned by its depositors and borrowers rather than external shareholders, and operating under FDIC insurance and NMLS# 716612. The bank serves individual consumers and small-to-mid-sized businesses across the North Shore of Massachusetts (Cape Ann region) through three physical branches in Gloucester, Essex, and Ipswich, supplemented by a Fiserv-powered mobile banking app, a browser-based online banking portal, online account opening through MeridianLink, and a digital wallet and card-control feature set.
The product portfolio spans deposit products (Elite Reward Checking at 4.06% APY, standard checking, savings, 12-month CDs at 3.85% APY, IRAs, and money market accounts), lending solutions (residential mortgages, HELOCs at 6.75% APY for Winter 2025–26, and personal loans), and business banking offerings (business checking and savings, commercial loans and credit lines, merchant services, and business online services), plus investment services and a BG Points debit card rewards program run on Fiserv's uChoose Rewards platform.
Revenue is generated primarily through net interest income on loans funded by deposits, supplemented by deposit and service fees (account maintenance, overdrafts, ATM, wires) and debit card interchange from the rewards program. The go-to-market is direct-to-consumer and direct-to-small-business, anchored by local branch presence, community sponsorships and events, social media engagement (LinkedIn, Instagram, Facebook), and digital self-service onboarding. As a mutual bank, profits are reinvested into rates, services, and community giving rather than distributed to outside investors, with reported community donations of $2.15 million since 2000 underscoring the customer-owned positioning.
BankGloucester firmographics
Firmographics- Name
- BankGloucester
- Legal name
- BankGloucester
- Website
- https://bankgloucester.com
- Company type
- Private
- Founded year
- 1887
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- BankGloucester is a mutual community bank founded in 1887 that serves individual consumers and small-to-mid-sized businesses across Massachusetts's North Shore through three branches and digital banking channels. It offers deposit, lending, business banking, merchant, and investment products on Fiserv-powered technology.
- Ownership category
- akta.pro rank
BankGloucester industry classification
Industry- Product category
- Community Banking
- NAICS
- Savings Institutions and Other Depository Credit Intermediation (522180), Commercial Banking (522110)
- SIC
- State Commercial Banks (6022), National Commercial Banks (6021)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
- akta.pro secondary industries
- Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB)
Keywords
Where BankGloucester is headquartered
LocationHeadquarters
- HQ city
- Gloucester
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
BankGloucester 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
- Interest Income: Traditional banking revenue from interest rate spreads on loans (mortgages, HELOCs, business loans) versus interest paid on deposits. The bank offers competitive APY products including 4.06% Elite Reward Checking and 3.85% 12-month CD rates.
- Deposit and Service Fees: Fee income from account maintenance, overdrafts, ATM usage, wire transfers, and other banking services. The bank publishes a fee schedule for various account services.
- Debit Card Interchange: Interchange revenue from debit card transactions processed through the uChoose Rewards program, earning revenue on every card purchase while offering rewards to customers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Elite Reward Checking: 4.06% APY (qualifying balances over $25,000 earn 4.06%-0.25% APY) |
| Subscription | Annual | 12-Month CD Special: 3.85% APY |
| Usage-based | Pay-as-you-go | Home Equity Line of Credit: 6.75% APY |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels4 records
BankGloucester product offering
Product offeringCore offering
BankGloucester is a mutual community bank offering personal and business deposit products (checking, savings, money market, CDs, IRAs), residential and commercial lending (mortgages, HELOCs, business loans/credit lines), merchant payment processing, investment services, and digital banking channels (online banking and a Fiserv-powered mobile app) to individuals and small businesses in the North Shore Massachusetts region.
Product overview
BankGloucester is a mutual community bank serving the North Shore of Massachusetts since 1887. The company offers a unified portfolio of personal and business banking products organized around four pillars: (1) deposit products including checking, savings, CDs, IRAs, and money market accounts; (2) lending solutions including mortgages, home equity lines, and business loans; (3) business banking services including merchant services and business online banking; and (4) investment services. The bank also provides a comprehensive digital banking platform combining online banking, a Fiserv-powered mobile banking app, and paperless services like E-statements and digital account opening via MeridianLink. A debit card rewards program (BG Points powered by uChoose Rewards/Fiserv) offers customer loyalty benefits.
Differentiator
Problem solved
Functional benefit
Brands
- Elite Reward Checking: High-interest checking account with rewards, offering up to 4.06% APY with no monthly fees, unlimited ATM reimbursements, debit rewards, and money management tools.
- BG Points (uChoose Rewards)
Products and services
- Elite Reward Checking High-interest personal checking account offering up to 4.06% APY with no monthly fees, unlimited ATM reimbursements, debit card rewards, and money management tools through the mobile app; targeted at consumer customers seeking competitive deposit yields.
- Personal Checking Standard personal checking account for individual banking customers with digital banking access and linked debit card.
- Personal Savings Savings account for personal customers offering competitive interest rates and FDIC insurance.
- CDs & IRAs Certificate of Deposit accounts and Individual Retirement Accounts available in multiple terms, including a 12-month CD special rate of 3.85% APY, for personal customers seeking term deposits or retirement savings.
- Money Market Accounts Money market deposit accounts providing competitive interest rates with check-writing privileges for personal customers.
- Lending Solutions Mortgage, Home Equity Line of Credit (HELOC at 6.75% APY), residential mortgages, and personal lending solutions for consumer borrowers.
- Business Banking Business checking, savings, and digital banking services for small and mid-sized commercial customers in the North Shore Massachusetts region.
- Business Loans and Credit Lines Commercial lending products including term loans and revolving credit lines supporting small business growth and working capital needs.
- Merchant Services Payment processing services enabling business customers to accept card transactions at the point of sale.
- Investment Services Wealth management and investment advisory services offered to personal and business customers seeking investment guidance.
- Digital Banking Services Online and mobile banking platform providing money management, card control, and digital wallet functionality for personal and business customers.
- Mobile Banking App Mobile banking application powered by Fiserv, enabling real-time account access, transfers, bill pay, check deposits, alerts, and card management on iOS and Android devices.
- BG Points (uChoose Rewards) Debit card rewards program where customers earn points on purchases (1 point per $3 with credit/signature, 1 point per $6 with PIN), redeemable for merchandise, gift cards, and travel.
Quantifiable outcome
- 4.06% APY on Elite Reward Checking (compared to near-zero rates at many large banks)
- +2 more outcomes
Companies that use BankGloucester
Customer profileSegments2 records
Ideal customer profiles2 records
BankGloucester technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
BankGloucester partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- North Shore Arts AssociationcoreBankGloucester partners with the North Shore Arts Association to showcase works by member artists in the rotating exhibit at the Gloucester branch library. This partnership brings the vibrant legacy of Cape Ann's art community into the bank space, enriching the experience for visitors and patrons while supporting regional arts.
- FiservcoreFiserv provides the technology platform powering BankGloucester's Mobile Banking app. The Fiserv-powered app enables real-time balances, account management, transfers, bill pay, check deposits, alerts, and card management for customers on mobile devices.
Scale indicators3 records
Recent moves6 records
Expansion highlights4 records
BankGloucester competitors and assessment
Company assessmentBroad incumbents
- Rockland Trust (Independent Bank Corp): Large Massachusetts community bank holding company with extensive branch network across Eastern MA including Cape Ann region. Same primary market and product set, but materially larger scale and publicly traded.
- Brookline Bank: Massachusetts community bank serving Greater Boston with deposits, lending, and wealth management. Comparable consumer/SMB banking focus with a wider geographic footprint and larger scale.
- Cambridge Savings Bank: Massachusetts-based mutual savings bank with a broader Greater Boston footprint offering consumer, business, and wealth services. Comparable mutual structure but substantially larger scale and wider geography.
- East Cambridge Savings Bank: Mutual savings bank serving Greater Boston and surrounding communities with full-service retail and business banking. Comparable mutual charter and product set, with broader geographic reach than BankGloucester.
Others
- Fiserv: Core banking and digital platform provider that powers BankGloucester's mobile banking, card controls, and rewards program. Not a competitor but a critical technology enabler whose roadmap shapes BankGloucester's digital trajectory.
Direct peers
- Reading Cooperative Bank: Massachusetts mutual cooperative bank offering deposit, mortgage, and business banking products in the North of Boston market. Comparable cooperative/mutual governance and small-scale community banking model.
- Salem Five Bank: Massachusetts-based community bank operating branches across the North Shore including Salem, Beverly, and surrounding towns. Directly comparable customer base, product set (deposits, mortgages, business banking), and regional footprint.
- Institution for Savings: Mutual savings bank chartered in 1820 in Newburyport, MA, serving the North Shore and Merrimack Valley with deposits, mortgages, and commercial lending. Closest direct comparable: same mutual structure, similar Massachusetts geography, and overlapping customer base with BankGloucester.
- The Savings Bank: Mutual community bank headquartered in Wakefield, MA, serving the Greater Boston/North Shore corridor with consumer and business banking. Comparable mutual structure and small-bank product mix serving similar Massachusetts demographic.
Regional players
- North Shore Bank: Mutual savings bank serving Massachusetts' North Shore region with deposits, mortgages, and consumer lending. Direct geographic overlap with BankGloucester and similar mutual community-bank positioning.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
BankGloucester social profiles
Digital presenceBankGloucester compliance and trust
Trust signalCompliance3 records
BankGloucester financial estimates
Financial estimateRevenue estimate
Valuation estimate
BankGloucester leadership team
Management profileNumber of profiles
Profiles1 record
BankGloucester funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BankGloucester M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BankGloucester
What does BankGloucester do?
BankGloucester is a mutual community bank offering personal and business deposit products (checking, savings, money market, CDs, IRAs), residential and commercial lending (mortgages, HELOCs, business loans/credit lines), merchant payment processing, investment services, and digital banking channels (online banking and a Fiserv-powered mobile app) to individuals and small businesses in the North Shore Massachusetts region.
Is BankGloucester a public or private company?
BankGloucester is a private company. It is classified as management employee owned and is currently operating.
When was BankGloucester founded?
BankGloucester was founded in 1887. It employs 11 to 50 people.
Where is BankGloucester based?
BankGloucester is headquartered in Gloucester, United States, in the North America region.
How does BankGloucester make money?
Three revenue lines are on record. Interest Income is the primary driver. The others are deposit and Service Fees and debit Card Interchange.
Who are BankGloucester's main competitors?
Broad incumbents on record are Rockland Trust (Independent Bank Corp), Brookline Bank, Cambridge Savings Bank and East Cambridge Savings Bank. Fiserv is listed as an others. Direct peers are Reading Cooperative Bank, Salem Five Bank, Institution for Savings and The Savings Bank. North Shore Bank is listed as a regional player.
Does BankGloucester have an API?
No public API is recorded for BankGloucester.
What industry is BankGloucester in?
BankGloucester's product category is Community Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSABAAAI, Small Business Banking (Microbusiness/Sole Proprietor). Its NAICS code is 522180 and its SIC code is 6022.