Strong local economies don’t happen by accident. They grow when institutions commit time, relationships, and long-term belief in a community’s potential. That’s what banking local means to us at Bank of America, and it’s why our decades-long presence in Worcester, with the roots of Bank of America in Massachusetts tracing back to the establishment of the Massachusetts Bank in 1784, has always focused on investing in people first.
Even as a global institution, Bank of America understands clients value banking locally with real, human relationships and leadership that is part of their community. Worcester is New England’s second largest and fastest-growing city with a projected population of 215,691 in 2026, according to World Population Review, with more than 50% of residents under 35 years old. I have been part of the Bank of America team for nearly 20 years and strive to create an environment where the local community finds the bank to be the trusted voice when it is time to finance a home, open a credit card, a 529 plan, or start planning ahead for retirement.
Having a strong local presence with Bank of America and serving as a trusted financial resource supporting the Worcester community through partnerships that provide essential community needs is deeply important to me and all of my teammates. Roughly one in five Worcester residents face food insecurity, which is why we support the Worcester County Food Bank as part of a $250-million national commitment to fight hunger and strengthen local communities. We collaborate with organizations like Abby’s House, Community Harvest Project, and Greater Worcester Community Foundation, as partners addressing economic opportunity, housing affordability, and neighborhood revitalization.
One example we take pride in is our support for the redevelopment of the Curtis Apartments, replacing 372 aging units and adding 157 new affordable homes built to LEED Gold standards with green space, modern amenities, and shared community areas. Projects like this ensure Worcester remains livable for working families, seniors, and young professionals alike.
Local investment must include workforce development, and Bank of America committed nearly $40 million to support these efforts last year alone. Through collaboration with the Worcester Regional Chamber of Commerce and the Worcester Community Foundation where we support a summer youth employment program, we help connect employers, entrepreneurs, and skilled workers. These partnerships strengthen talent pipelines, foster innovation, and help businesses adapt to a rapidly changing economy. Our own growth reflects that same confidence: Bank of America now employs 170 people in the Worcester area and offers a $25 minimum hourly wage. Our expansion from three business bankers to nine – including Private Bank and Merrill Wealth Management advisors – ensures clients can access world-class financial expertise with familiar faces.
Supporting local businesses and manufacturers is another cornerstone of local banking as small businesses continue to face higher operating costs and tighter margins. Worcester’s economy is notably diverse, with strengths in manufacturing, health care, education, and technology, giving our local market team the advantage of understanding the region’s unique economic trends. We are committed to supporting the Massachusetts Manufacturing Extension Partnership through the Innovations & Libations series to create awareness of the broad mix of industries driving regional growth.
To help businesses grow, we’ve made $63 million in loans to small businesses with an annual revenue of less than $5 million and $856 million in commercial business loans to businesses with revenues of up to $2 billion.
Economic vitality isn’t built on industry alone. It depends on civic pride and quality of life. That’s where sports and the arts play a powerful role. Our partnership with the Worcester Red Sox has helped energize downtown and draw visitors to Polar Park for community events like Winter in Wooville. Through programs such as Museums on Us, we help expand access to institutions like the EcoTarium and the Fitchburg Art Museum with free admission weekends, making cultural experiences more accessible while supporting tourism and local jobs to bring families together, increase foot traffic for nearby restaurants and shops, and strengthen Worcester’s identity. Bank of America awarded a $250,000 grant in 2018 to The Hanover Theatre to advance its Theatre District Campaign, enhancing Main Street’s public space and strengthening Worcester’s growing cultural district.
The lesson is simple, banking locally is more than just having a financial center or two in town. It is defined by where a bank invests, hires, volunteers, and builds relationships. When financial institutions commit to a community’s long-term success, they help create a cycle of growth that benefits everyone, from families and nonprofits to manufacturers and entrepreneurs.
Worcester’s momentum is real. The population is growing, the business sector is thriving, and civic institutions are strong. Collaboration among businesses, nonprofits, and public partners will ensure that progress continues. At Bank of America, we’re proud to play our part, and we remain committed to supporting Worcester’s people and possibilities for years to come, because when a community grows stronger, we all succeed.
Michael Garand is president of Bank of America Worcester and managing director and private client advisor at Bank of America Private Bank.
