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Sponsored by: Bay State Savings Bank
March 16, 2023 Business Profiles 2023

Bay State Savings Bank: The Community Bank of Choice

From its humble beginnings in 1895 when a group of 114 spirited citizens pledged a total of $7,660 to establish a new savings bank in the city of Worcester, to today, Bay State Savings Bank has grown to a $500 million savings bank that has stayed true to its roots, remaining headquartered in Worcester.

Unlike other local banks, which either have merged or taken up a new name, Bay State has been Bay State Savings Bank since its incorporation, earning the right to claim historical relevance of more than 125 years of service.

Bay State Savings Bank has always adhered to its mission of being the community bank of choice, dedicated to building long-term relationships to tailor financial solutions designed specifically for its customers and local businesses. Bay State is proud to support local families as they purchase that first home or save to send their children to college, as well as make sure small businesses have the financial services and solutions they need through lending, cash management services, and online banking.

Bay State employees live, work, and participate in the community. Whether it is by providing local scholarships or teaching financial literacy, they are involved and invested in making sure that our communities flourish and thrive.

Almost every Bank officer sits on at least one local non-profit board of directors, in addition to the many employees who serve and volunteer on multiple various community committees and boards. In 2022 alone, Bay State Savings Bank employees clocked 1,778 hours of volunteering and have already logged nearly 200 volunteer hours in 2023. Additionally, Bay State Savings Bank Charitable Foundation has distributed more than $700,000 in grants and scholarships since its 2003 inception. 

Above all else, Bay State puts its community and customers first. Branch managers and employees know their customers, and their families, by name. They understand their customers’ financial goals and are always available to speak in person to help tailor financial solutions designed specifically for everyone’s individual needs.

Bay State always has its customers financial security in mind and goes above and beyond to make sure they are protected. Out of the 14 banks in Worcester, only 50% offer additional insurance to protect customers funds through both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF), one of which is Bay State Savings Bank.

Every single penny deposited into Bay State is 100% insured and protected. Past, present, and future customers can have peace of mind knowing their bank is doing the most for them.

For more than a century, Bay State Savings Bank has been in the heart of Worcester steadfast in supporting families and businesses which help the city thrive. Looking to the future, Bay State Savings Bank is fiercely committed to remaining independent, continuing to grow, and supporting the local communities from which it draws its business.

See for yourself what makes banking local different. No matter if you’re just starting your financial journey, nearing retirement, or somewhere in the middle, call or stop into your nearest Bay State Savings Bank; the team can’t wait to meet you.  

Street Address: 28 Franklin Street Worcester, MA 01608

 

Phone Number: 800-244-8161

 

Website: www.baystatesavingsbank.com 

 

Product or Service Description: Bay State Savings Bank is a $500 million savings bank committed to the local community with branches in Worcester, Holden, and Auburn. 

 

Number of Employees: 90

 

Head of Company and Title: Peter Alden, President & CEO

 

Year Founded: 1895