Randolph Savings Bank

After another tough year, Randolph Savings Bank will change its name to Envision Bank effective March 12.

The name change reflects a commitment to delivering a people and technology approach in support of healthier financial well-being for its customers and communities, the bank said in a statement.

“We are bringing a broad range of services and expertise to customers, all of which they can access with optimal convenience,” Jim McDonough, president and CEO of Randolph Savings Bank, said in the statement. “By adopting innovative online and mobile technologies and building a strong team of advisors, advocates, and educators, Envision Bank will continue to enable our customers to get things done from the comfort of their own home, while at the same time enjoying personal attention when they are engaged in more complex transactions. Every member of the Envision Bank team is focused on our customers and our communities – and we are committed to making a positive impact every day.”

After three straight years of losses, Randolph Savings Bank announced that it would go public in the summer of 2016, a transition that included the bank purchasing a mortgage subsidiary. The bank reported $2.8 million in earnings that year, but then ran into trouble again in 2017.

At the end of the year, the bank said it would lay off 8 percent of its workforce, or about 16 employees, a move “intended to better align staffing levels with the current volume of residential mortgage loan originations,” according to a regulatory filing.

The staff reductions were supposed to reduce the company’s annual operating expenses by approximately $1.13 million. According to its most recent call report, the bank reported losses of about $2.4 million in 2017.

But the bank hopes a new name and new image can lead to a turnaround.

“Our evolution to Envision Bank has been a long time coming,” said McDonough. “Our name will better reflect our commitment to help customers manage the complete spectrum of their financial lives by providing technological tools along with face-to-face assistance from trustworthy experts who care.  Our core values of excellence, integrity and service will continue to inspire our customer and community service. We know there are a lot of banks out there, but we believe that you will see a difference at Envision Bank.”

After Another Year of Losses, Randolph Savings Bank to Change Name

by Bram Berkowitz time to read: 1 min