Belmont Savings Goes Shopping in Newton, Cambridge
Belmont-based financial institution will open branches in Shaw's, Star Markets.
You can add Belmont Savings Bank along with milk, bread and cereal to your next grocery list when you shop in Cambridge and Newton as the Belmont-based will open two new in-store branches in local Shaw's Supermarkets.
The announcement made today, Thursday, Feb. 28, comes as the bank continues an impressive increase in size from $500 million to $800 million in assets in the past three years.
The bank's expansion comes from growth in revenue from business loans, in net income and expanding gross profit margins. As a result, the bank's stock price – $13.18 as of Feb. 28 – is near its all time high price of $13.39. This week, the bank was one of the top 10 biggest volume gainers on the Nasdaq stock market with half-a-million shares changing hands.
The two new full service in-store branches:
• Star Market located at 699 Mt. Auburn Street in Cambridge on the Watertown line, and
• Shaw's Supermarket at 33 Austin St. in Newtonville, which is familiar to anyone who travels the Mass Pike as the market overlooking the Turnpike.
Both branches will be open six days a week with hours of operation on Monday through Friday, 10 a.m. to 7 p.m. and Saturday 10 a.m. to 5 p.m.
The stores – which will open in the spring and summer – will join the bank's Waltham branch in the Shaw's at 1070 Lexington St. representing the next phase for the Bank's in-store branch strategy. Both branches will have all the same service offerings as a traditional full-sized branch.
Bank officials pointed to entering neighboring Cambridge and Newton markets as the next logical step for the bank.
"We are proud to be continuing our partnership with Shaw's Supermarkets, and look forward to speaking with the individuals, families and businesses in both Cambridge and Newton to discuss which financial solutions are right for them," said Robert Mahoney, Belmont Savings' president and chief executive officer.
"Shaw's has a track record of being an exemplary community partner, and we expect the communities of Cambridge and Newton will appreciate our quality, personalized service and active local involvement."
The Cambridge and Newton branches will bringing the total number of Belmont Savings branches to seven.