Millbury National Bank
Millbury National Bank is a 200-year-old privately held community bank in Millbury, Massachusetts that provides personal and small-business banking — checking, savings, loans, and digital services — to individuals and SMBs across Central Massachusetts and the Blackstone Valley.
- Company typePrivate
- Founded1825
- HeadquartersMillbury, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Millbury National Bank does
Millbury National Bank is a privately held, federally chartered national bank founded in 1825 and headquartered at 18 Main Street in Millbury, Massachusetts, making it one of the oldest continuously operating community banks in the United States. The bank serves individuals, families, and small businesses in the Blackstone Valley and broader Central Massachusetts, operating from a single full-service branch with 24/7 ATM, an Operations Center, telephone banking, and an online/mobile banking platform that supports remote account opening across seven New England and Mid-Atlantic states. Its product set spans Kasasa-branded reward checking and savings (up to 4.07% APY and 2.00% APY respectively), everyday checking, money market accounts, CDs, IRAs, personal loans (auto, home equity, HELOC, construction, home improvement, cash reserve), and a full small-business suite including CRE loans, business lines of credit, equipment financing, term loans, business cash reserves, IOLTA accounts for attorneys, and Finli-powered digital invoicing and payment tools.
The bank's revenue model is a standard community-bank net-interest-margin-plus-fee structure: primary revenue from interest income on consumer and commercial loans, offset by deposit interest expense, supplemented by transaction fees (wire transfers, cashier's checks, money orders, safe deposit boxes), subscription fees for Kasasa Protect identity protection ($7.99–$9.99/month) and ancillary revenue from Finli ACH/credit card transaction fees (3% for card payments). Customer acquisition runs through a community-led go-to-market motion centered on local decision-making, relationship banking, multi-generational family leadership continuity (Waters, Harris, Hull, Corey, Matson, Mulhane), and community involvement such as school-supply drives and neighborhood cleanups. Gold ($100K+) and Platinum ($250K+) tier programs segment higher-balance customers into a relationship-pricing model with fee waivers, rate deductions on loans, higher money-market yields, and Platinum CD specials. Operationally the bank relies on partner-supplied technology — Kasasa, Ltd. for reward products, Finli for SMB digital tools, CardValet for card controls, Deluxe for check reordering, and a third-party mortgage lender for home-loan origination — keeping in-house technology investment focused on the core digital banking platform rather than proprietary AI or advanced analytics.
Millbury National Bank firmographics
Firmographics- Name
- Millbury National Bank
- Legal name
- Millbury National Bank
- Website
- https://mnbonline.com
- Company type
- Private
- Founded year
- 1825
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Millbury National Bank is a 200-year-old privately held community bank in Millbury, Massachusetts that provides personal and small-business banking — checking, savings, loans, and digital services — to individuals and SMBs across Central Massachusetts and the Blackstone Valley.
- Ownership category
- akta.pro rank
Millbury National Bank industry classification
Industry- Product category
- Community Banking
- NAICS
- Commercial Banking (522110), Depository Credit Intermediation (5221)
- SIC
- National Commercial Banks (6021)
- akta.pro primary industry
- SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB)
- akta.pro secondary industries
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)
Keywords
Where Millbury National Bank is headquartered
LocationHeadquarters
- HQ city
- Millbury
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Millbury National Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Interest Income: Primary revenue stream from interest earned on loans including personal loans (auto, home equity, personal), business loans (commercial real estate, equipment, lines of credit), and mortgage loans. Interest rates vary by product type and term.
- Deposit Interest Expense Savings: Interest paid to depositors on checking, savings, money market accounts, and CDs. Competitive rates offered to attract and retain deposits.
- Fee-Based Services: Revenue from various banking fees including wire transfers, safe deposit boxes, money orders, cashier's checks, and potentially overdraft fees. Also includes foreign currency transaction fees.
- Identity Protection Services: Monthly subscription fees for Kasasa Protect identity protection service: $7.99/month for Kasasa account holders, $9.99/month for non-Kasasa holders, $5.99/month for additional members.
- Business Payment Processing: Revenue from ACH transaction fees and credit card transaction fees (3% charged to customers) through the Finli digital business tools platform.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Hybrid | Monthly | Kasasa Cash Checking: 4.07% APY on balances below $25,000.01 with qualifications met |
| Hybrid | Monthly | Kasasa Saver: 2.00% APY on balances below $250,000.01 with Kasasa Cash or Cash Back qualification |
| Subscription | Multi-year contract | Certificates of Deposit: 3.44%-3.65% APY depending on term length |
| Subscription | Monthly | Personal Money Market: 1.45%-3.28% APY depending on tier |
| Unit Pricing | Monthly | Auto Loans: 8.00%-9.00% APR |
| Unit Pricing | Monthly | Personal Cash Reserve Loans: 18.00% APR |
| Unit Pricing | Monthly | Home Improvement Loans: 8.50% APR |
| Unit Pricing | Monthly | Personal Term Loans: 18.00% APR |
| Unit Pricing | Monthly | RV, Boats, and Recreational Vehicles: 10.00% APR |
| Subscription | Monthly | Gold Program: Combined average balance $100,000+ |
| Subscription | Monthly | Platinum Program: Combined average balance $250,000+ |
| Subscription | Monthly | Kasasa Protect Identity Protection |
| Subscription | Monthly | Everyday Savings: 0.05% APY |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels7 records
Millbury National Bank product offering
Product offeringCore offering
Millbury National Bank is a community bank that accepts deposits (checking, savings, money market, CDs, IRAs) from individuals and businesses, and originates personal loans (auto, home equity, HELOC, personal term, construction, home improvement, RV/boat) and commercial loans (commercial real estate, lines of credit, equipment, term loans, cash reserves). The bank distributes these products through its Millbury branch, an operations center, online and mobile banking, and 24/7 telephone banking, and earns the majority of its revenue from net interest income on loans and deposits, supplemented by service fees and identity-protection subscription fees.
Product overview
Millbury National Bank offers a comprehensive suite of banking products centered around its core checking, savings, and lending services. The personal banking lineup includes reward-bearing Kasasa checking accounts (Cash and Cash Back with up to 4.07% APY and 5% cash back), high-yield Kasasa Saver savings, traditional checking/savings, money market accounts, CDs, and IRAs. Lending products span personal loans, auto loans, home equity products (HELOC and home equity loans), mortgages through third-party partnership, construction loans, and home improvement loans. The business banking platform provides Everyday Business Checking (free with no fees), reward-bearing business checking (Cash Back and Cash Back Plus), IOLTA accounts for legal professionals, business money market accounts, CDs, and a full commercial lending suite including commercial real estate, equipment loans, term loans, lines of credit, and business cash reserves. Supplementary services include Digital Banking (online/mobile), Kasasa Protect identity protection, CardValet card control, Gold & Platinum premium programs, and Finli-powered digital business tools for invoicing. The bank operates primarily in Central Massachusetts, with locations in Millbury and an Operations Center, serving small businesses in the Blackstone Valley since 1825.
Differentiator
Problem solved
Functional benefit
Brands
- Kasasa Cash: High-interest checking account product with rewards
- Kasasa Cash Back
- Kasasa Saver
- Kasasa Protect
- CardValet
- Gold & Platinum Program
Products and services
- Free Kasasa Cash Checking
Quantifiable outcome
- 4.07% APY on Kasasa Cash checking accounts (balances below $25,000.01)
- +2 more outcomes
Companies that use Millbury National Bank
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Millbury National Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature3 records
Millbury National Bank partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- FinlicoreMillbury National Bank partnered with Finli to offer digital business tools including digital invoicing, automated reminders, and payment processing. The partnership enables faster payments for business customers with no ACH transaction fees and optional 3% credit card transaction fees. The platform includes an all-in-one CRM for tracking income and customer communications.
- Online Credit Card Services, Inc.minorRecommended merchant services provider for business customers seeking cost-effective payment solutions for credit card processing.
- Third-Party Mortgage LendercoreMillbury National Bank partnered with a third-party mortgage lender to offer fixed rate mortgage products. MNB acts as broker for the transaction and serves as the point of contact throughout the application process while the actual loan is made by the third-party provider.
- Kasasa, Ltd.coreMillbury National Bank offers Kasasa-branded checking and savings products (Kasasa Cash, Kasasa Cash Back, Kasasa Saver) and Kasasa Protect identity protection services under licensing agreement with Kasasa, Ltd.
- DeluxeminorOfficial check reordering partner for Millbury National Bank customers to purchase checks through Deluxe's online platform.
Scale indicators4 records
Recent moves13 records
Expansion highlights6 records
Millbury National Bank competitors and assessment
Company assessmentDirect peers
- East Boston Savings Bank: Massachusetts community bank offering consumer deposits, residential and commercial lending, and small business banking with a similar branch-driven, relationship-based model. Closely comparable in scale, customer mix (individuals and SMBs), and Massachusetts footprint.
- Salem Five: Massachusetts community bank providing consumer and business banking including checking, savings, mortgages, and commercial lending. Overlaps meaningfully with Millbury in product suite and Massachusetts service territory.
- Cambridge Savings Bank: Massachusetts-based mutual community bank serving consumer and small business customers with deposit products, mortgages, and commercial lending. Directly comparable in business model, target segments, and community-led GTM motion.
- Reading Cooperative Bank: Small Massachusetts community bank focused on consumer and small business banking. Highly comparable in scale and target segments to Millbury, particularly in serving Greater Boston and surrounding suburbs.
- Middlesex Savings Bank: Massachusetts community bank offering consumer and small business banking, deposit products, mortgages, and commercial lending. Comparable community-led positioning and product set within Greater Boston and Central Massachusetts.
Broad incumbents
- Rockland Trust (Independent Bank Corp): Larger Massachusetts community bank with extensive branch network, full consumer and commercial banking suite, and significant SMB lending franchise. Competes directly in MA deposit and small business lending markets, but at much greater scale.
- Berkshire Hills Bancorp (Berkshire Bank): New England regional bank holding company operating Berkshire Bank community-banking subsidiary. Serves consumer and commercial customers across MA, CT, VT, NY, and RI—broader than Millbury but with overlapping community-bank positioning.
- Brookline Bank (Berkshire Hills Bancorp): Greater Boston-area community bank with consumer deposits, residential mortgages, and commercial lending. Overlaps with Millbury in serving Eastern Massachusetts consumers and SMBs, but operates at significantly larger scale.
Regional players
- UniBank: Massachusetts-based community bank offering consumer and small business banking with a broader statewide footprint than Millbury. Comparable product offering but serves a wider geography.
Others
- Kasasa (Jack Henry): Not a competitor but a core technology partner. Kasasa supplies the consumer checking, savings, and identity-protection products that underpin Millbury's retail differentiation. Included as an ecosystem participant given its central role in MNB's value proposition.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks7 records
Key highlights7 records
Customer concentration
Millbury National Bank social profiles
Digital presenceMillbury National Bank compliance and trust
Trust signalCompliance4 records
Millbury National Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Millbury National Bank leadership team
Management profileNumber of profiles
Profiles15 records
Millbury National Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Millbury National Bank 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 Millbury National Bank
What does Millbury National Bank do?
Millbury National Bank is a community bank that accepts deposits (checking, savings, money market, CDs, IRAs) from individuals and businesses, and originates personal loans (auto, home equity, HELOC, personal term, construction, home improvement, RV/boat) and commercial loans (commercial real estate, lines of credit, equipment, term loans, cash reserves). The bank distributes these products through its Millbury branch, an operations center, online and mobile banking, and 24/7 telephone banking, and earns the majority of its revenue from net interest income on loans and deposits, supplemented by service fees and identity-protection subscription fees.
Is Millbury National Bank a public or private company?
Millbury National Bank is a private company. It is classified as family owned and is currently operating.
When was Millbury National Bank founded?
Millbury National Bank was founded in 1825. It employs 11 to 50 people.
Where is Millbury National Bank based?
Millbury National Bank is headquartered in Millbury, United States, in the North America region.
How does Millbury National Bank make money?
Five revenue lines are on record. Interest Income is the primary driver. The others are deposit Interest Expense Savings, fee-Based Services, identity Protection Services and business Payment Processing.
Who are Millbury National Bank's main competitors?
Direct peers on record are East Boston Savings Bank, Salem Five, Cambridge Savings Bank, Reading Cooperative Bank and Middlesex Savings Bank. Broad incumbents are Rockland Trust (Independent Bank Corp), Berkshire Hills Bancorp (Berkshire Bank) and Brookline Bank (Berkshire Hills Bancorp). UniBank is listed as a regional player. Kasasa (Jack Henry) is listed as an others.
Does Millbury National Bank have an API?
No public API is recorded for Millbury National Bank.
What industry is Millbury National Bank in?
Millbury National Bank's product category is Community Banking. Its primary akta.pro industry code is FSABABAB, SME Business Lending (Term Loans, Lines of Credit, Overdrafts), with a secondary code of FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings). Its NAICS code is 522110 and its SIC code is 6021.