Deposits With Sprinkles On Top | Commerce to open new branch in former Friendly's
Worcester-based Commerce Bank is embarking on a complete renovation of the former Friendly’s restaurant at 451 Lincoln St. in Worcester. The former restaurant/ice cream stop will become the bank’s fifth location in Worcester by the end of the first quarter.
Commerce, with $1.2 billion in assets, is the largest depository bank in Worcester. Other existing branches in the city include locations on Park Street, Goldstar Boulevard, Main Street and Grafton Street.
Commerce has not added a branch since 2005, when it opened a location in Milford. But in the near term, Commerce plans to add one new branch each year, according to Brian Thompson, the bank’s president.
Worcester has been a hotbed of branching of late, despite pressures in the sector and consolidation.
Much of the growth has come from credit unions. Leominster Federal Credit Union is opening a branch on Shrewsbury Street, while Webster First Federal Credit Union relocated its headquarters from Webster to a brand new building on Greenwood Street.
Bricks And Mortar
For Commerce, branch locations have remained important even in the Internet age, according to Thompson.
“For unusual transactions, people still like to do it face to face, such as opening accounts,” and may still do some banking online as well, he said.
Online security concerns are not driving more people away from their computers and into local offices, though, he said. Some people just prefer to go into branches and often go into the same one all the time.
Key Location
Lincoln Street was chosen for its growth potential, said Thompson.
“We hope to bring new customers from Worcester, West Boylston and beyond,” he said.
Bank officials hope new clients will come from the headquarters of The Hanover Insurance Group, which is also located on Lincoln Street, as well as shoppers on their way to new stores added over the past five years or so.
Thompson pointed out that the area gets a lot of traffic and within a half-mile circle around the site there is a mix of commercial and residential properties.
The branch will be open from 7 a.m. to 7 p.m. to accommodate small business owners and employees.
Commerce has 11 branches including three in Worcester and one each in Holden, Leominster, Marlborough, Milford, Shrewsbury, Webster and West Boylston.
Deposits at the bank totaled more than $1 billion as of Sept. 30, up 24 percent over last year.
WBJ Web Partners
Most Recent
Most Recent
0 Comments