September 13, 2010 – Marlborough Savings Bank has moved its headquarters off of Main Street in the city and into a brand new three-story, 15,500-square-foot, $4 million branch on Granger Boulevard in downtown Marlborough.
“We really wanted to stay in the downtown district, and so it took a little while to find the right location that would provide us with room for existing operations [and one] that could accommodate our growth,” said Richard Bennett, president and CEO of the bank.
The new building has 25 parking spaces, as opposed to the old Main Street headquarters that had no designated parking. It also has energy-efficient lighting, heating and cooling systems. The bank received a 13-year tax increment financing agreement from the city related to the new construction.
Looking Back, Looking Ahead
Marlborough Savings Bank is celebrating its 150th anniversary this year and has seen steady growth over the last few years, Bennett said. Assets have grown from about $382 million to about $425 million from last August to this year.
Increases in deposits, plus more lending activity in commercial real estate and residential mortgages have all helped the bank grow, Bennett said.
“To a certain degree the stock market is still volatile and there are still concerns in the real estate market about depreciation, so I think investors are just holding back a little bit still,” he said.
But, he said, people feel comfortable with community banks. Bennett said Marlborough Savings Bank has just as much money to lend out now as it had in the past, but the credit worthiness of businesses has fallen in the past few years.
“We haven’t changed our criteria, but the market has changed,” he said.
Given the growth of the bank, Marlborough Savings has added three employees in the last two years, with plans to hire more in the future.
Early Monday morning Bennett welcomed Mayor Nancy Stevens, City Council President Arthur Vigeant and other bank officials for a ribbon-cutting ceremony at the Granger Street location.
“Community banks are really what it’s about,” said U.S. Rep. James McGovern, D-Worcester, who also attended the event. “These are the banks that are tied closely to the cities and towns, that know the people and are dedicated to the economic development of their communities.”
The bank recently closed a branch office 178 Main St. and it will be moving back-room operations into the former 166 Main St. headquarters. That office, which formerly included the executive offices, has been moved to the new Granger Boulevard location.
The bank now has six locations, Marlborough, Southborough, Northborough, Westborough and Sudbury.
This story originally appeared here