Needham Bank staffers pose for a photo celebrating the bank's new branch in the Allston Yards development in Boston in this undated handout photo. The bank plans to add three more branches in the next 18 months. Photo courtesy of Needham Bank
Needham Bank has opened a new branch in the Allston Yards development, rising between Allston Square and Boston Landing.
The complex, being developed by New England Development, Bozzuto Development, Southside Investment Partners and Stop & Shop parent company Ahold Delhaize, completed its first building in the middle of 2024. But the collapse of the lab market and rising multifamily vacancy rates in Allston appear to have paused the project’s remaining four buildings.
“Opening our new branch in Allston is about much more than growth — it is about investing in a dynamic Boston neighborhood and bringing Needham Bank’s relationship-based approach to banking to a community full of energy, innovation and opportunity,” Needham Bank chairman, President and CEO Joseph P. Campanelli said in a statement. “We are excited to serve Allston’s residents, businesses, students and entrepreneurs with the personal attention, local expertise and responsive decision-making that define our bank.”
Along with the new branch, Needham Bank made $10,000 in total donations to two local organizations: Allston Brighton Community Development Corporation and the 3 Point Foundation. The community development corporation develops affordable housing and advises first-time homebuyers, while the foundation provides local students with year-round programs.
Needham Bank’s new branch will be led by Alejandra Vasquez and Anila Bylyshi,
“Allston is a vibrant, fast-moving neighborhood with a strong sense of identity, and we are excited to become part of it,” Vasquez said in a statement. “These grants reinforce the bank’s longstanding belief that community banking should begin with visible local investment. We expect to build many lasting relationships by delivering the kind of personal service, responsiveness, and community connection that people should expect from their bank.”
Needham Bank is planning on adding three additional locations in the next 18 months.
