Banker & Tradesman Fast 50 Sample

THE FAST 50 RANKS THE 50 fastest-growing loan providers in Massachusetts, including mortgage and financial companies, banks, credit unions and other financial institutions. Rankings compare the number and volume of loans from Jan. 1 through June 30, 2021, to the number and volume from the same timeframe in 2022. Rankings include purchase and non-purchase loans. Commercial rankings had a minimum of three loans and a minimum of $1 million in loan volume. Residential rankings had a minimum of five loans and a minimum of $2 million in volume in 2021 and 2022. Residential includes one- to four-families and condominiums. All rankings are statewide. All data is sourced by The Warren Group from public records, which may contain errors. For more information please contact Data Solutions at 617-896-5365.

FAST50

Banks’ Long-Term Investments Paid Off in 2022

With demand for office and retail space still not recovered from the effects of the pandemic, having an experienced team of commercial lenders has helped Webster Five pivot as commercial real estate markets have changed, said Christopher Watson, the bank’s senior vice president and senior lending officer.

The $1 billion-asset Webster Five grew its commercial mortgage volume more than 800 percent year-over-year. Some of that activity included deals that the bank began working on 2021 and closed in the first half of this year, Watson said.

portunities to get involved with multiple deals. Much of the bank’s growth has come locally.

“People automatically think that a lot of the growth came out of the Boston area, but Worcester is our backyard,” Watson said. “We’ve been able to successfully be part of quite a few projects in the Worcester area.”

Investments in Gateway Cities Pays Off

The $691 million-asset Reading Cooperative Bank does not have a branch in Lawrence, but the city has been the site for much of the bank’s recent commercial real estate growth, said Phil Bryan, Reading Cooperative Bank’s executive vice president and chief banking officer.

Reading Cooperative saw the number of commercial real estate loans increase yearover-year in the first half of 2022 by more than 200 percent.

The commercial lending team started focusing on the Lawrence market about three years ago, Bryan said, and opportunities there have included construction, small multifamily projects and apartment building renovations in that post-industrial, immigrant-driven Gateway City market.

come out of past successes.

“Because we’ve got such a good reputation in Lawrence, and we’re becoming kind of a household name, we’re seeing a lot [of activity],” Bryan said.

The commercial loan pipeline remains similar to what the bank saw at the end of 2021, Bryan said, though the number of opportunities for new deals has recently started to slow down as interest rates rise.

Industrial warehouses for last-mile distribution drove the bank’s commercial real estate lending last year, Watson said. He added that while that activity has since tapered off, the bank has more recently seen an increased demand for industrial flex spaces, as well as housing-related deals.

Watson said Webster Five’s lending team has built relationships with commercial real estate brokers over the years, leading to op-

The bank saw the flow of commercial real estate deals begin to build about 18 months ago, Bryan said, and the bank entered 2022 with a strong lending pipeline.

He added that most of the opportunities the bank has found are with borrowers experienced in commercial real estate, with few newcomers getting involved with properties in the current business environment. Some of Reading Cooperative’s opportunities have

The bank also acquired branches in Lynn and Nahant from Coastal Heritage Bank last year, and Bryan said that Reading Cooperative has started building its commercial lending business in that other Gateway City market, as well.

“That’s new territory for us, and we see some similarities with what we have in Lawrence,” Bryan said. “We think we can make a pretty good splash there and really get ingrained in that community as well.”

Merger Sets Lender Up for Success

While commercial real estate drives lending on the commercial side of its portfolio, Bryan said, the bank has seen growth in its residential mortgages business in 2022, particularly with adjustable-rate mortgages. He added that looking ahead, the bank plans to do more consumer lending to balance its loan portfolio.

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For several local lenders, long-term investments in building relationships or teams set them up for success in 2022.

BANKING & LENDING

“Because we’ve got such a good reputation in Lawrence, we’re seeing a lot [of activity].”

– Phil Bryan, chief banking officer, Reading Cooperative Bank

COMMERCIAL VOLUME OF LOANS

FAST50

COMMERCIAL NUMBER OF LOANS

Reading Cooperative Bank is honored to be recognized as a finalist in Banker & Tradesman’s Fast 50 in Commercial & Residential Lending for 2022 as one of the 50 fastest-growing loan providers in Massachusetts (ranking #5 in Commercial Loans)!

We owe this recognition to the dedication of our commercial and residential lenders. Their commitment to serving our customers and community best represents our cooperative values. Because of their efforts, we have been able to expand our reach to new communities and continue our mission to provide Banking For All

781.942.5000 readingcoop.com

RESIDENTIAL VOLUME OF LOANS

Bluestone Bank is proud to be named one of this year’s Fast 50 in Commercial Lending according to Banker & Trademan!

Congratulations to Bluestone’s Commercial Lending Team for being named one of this year’s Fast 50 growing lenders in Commercial Lending in number of loans and volume.

The Cooperative Bank is proud to be named one of this year’s Fast 50 in Commercial Lending.

Our roots have been planted in Boston for more than four generations. Our Commercial Lenders are here to help you navigate your decision making and set you on the path to success.

SUBHEADLINE IF NEEDED BOSTON’S NEIGHBORHOOD BANK