Despite trouble reaching profitability, Randolph-based Envision Bank is not giving up and has turned toward growth mode.
The company announced earlier this week that its subsidiary Envision Bank & Mortgage will open four new mortgage production offices throughout Central and Western Massachusetts in the communities of East Hampton, Westborough, Wilbraham and West Springfield.
The East Hampton, West Springfield, and Wilbraham mortgage production offices will serve Western Massachusetts and Connecticut with loan officers located in both states. Those offices will be managed by Dave Valino. The Westborough mortgage production office will serve homebuyers in Central Massachusetts and will be managed by George Patterson.
“We’ve been providing mortgage solutions for well over a century – and with that history comes a wealth of knowledge, experience, and what we believe is a better way of doing things,” Ryan Kirwin, executive vice president of residential lending at Envision Bank & Mortgage, said in a statement. “With the opening of these new offices, we’re able to serve more homebuyers throughout Central and Western Massachusetts and Connecticut, providing them with a uniquely fine-tuned experience while guiding them through the mortgage process. Home ownership is a dream for so many, and working with a community bank like ours takes much of the hassle out of getting a home loan.”
The past few years have been a bumpy ride for Envision Bank.
Formerly known as Randolph Savings Bank, the bank did not turn a profit between the years of 2012 and 2015. The bank issued an IPO and converted from a mutual bank to a publicly traded bank so it could purchase First Eastern Mortgage in 2016.
But the move did not seem to get things back on track.
Citing a decline in mortgage activity as a result of a shrinking housing inventory and less refinancing activity, Randolph Savings Bank laid off 8 percent of its work force in December 2017, which reduced the company’s annual operating expenses by approximately $1.13 million.
Still, the bank reported close to $2 million in losses in 2017.
Randolph Savings Bank changed its name to Envision Bank in February 2018 and a few months later began hiring again to build its mortgage business back up.
The bank reported losses of $1.78 million at the end of 2018, but did manage to grow its residential portfolio more than $70 million between the end of 2017 and the end of 2018.
The bank hopes that the new production offices will enable its subsidiary to reach new customers.
“Homebuyers that work with Envision will be guided by experienced lenders,” Patterson said in a statement. “We have been committed to expanding our loan origination team and have made it a priority to have a talented group of lenders, ready to guide borrowers throughout the process by delivering high caliber customer care and expertise that has been a hallmark of Envision Bank’s success since we first opened our doors.”
