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Central Co-operative Bank

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Central Co-operative Bank

History:

Central Bank, whose legal name is Central Co-Operative Bank, was founded in 1915 as a Massachusetts chartered co-operative bank to provide savings deposits and originate mortgage loans.

Between 1970 and 1982, the Bank grew through mergers with six other Massachusetts co-operative banks.

In October 1986, Central Bank became a public company by converting to a capital stock co-operative bank.

In 1994, Central Bank acquired Metro Bancorp, Inc., the parent company of Metropolitan Bank and Trust Company.

In 1999, Central Bancorp, Inc., became the holding company for Central Bank. Central Bank is a full-service community banking operation that provides a variety of deposit and lending services --- including savings and checking accounts for retail and business customers, mortgage loans for constructing, purchasing and refinancing residential and commercial properties, and loans for education, home improvement and other purposes.

The Bank operates nine full-service offices in the Massachusetts communities of Somerville, Arlington, Burlington, Chestnut Hill, Malden, Medford, Melrose, and Woburn (two branches). The Bank also operates a branch at Woburn High School that is available only for faculty, staff and students of the school, and a stand alone 24-hour automated teller machine in Somerville.

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