Needham Bank plans to move to a new Medford location that will include a full-service branch and expanded space for its cannabis banking business.
The bank will relocate from temporary space at 400 Mystic Ave. in Century Bank’s former headquarters to 270 Mystic Ave. Needham Bank had opened the Medford branch, which it calls a specialized banking center, after buying the cannabis banking business Eastern Bank had acquired in its Century Bank acquisition.
In addition to a full-service branch for consumers and businesses, the new location will have office space for servicing small- and medium-sized business and commercial real estate clients, the bank said in a statement.
The facility, which the bank expects to be completed by the end of the year, will also have community meeting space and upgrades that will include a new technology wall for customers.
“We are excited to establish a branch in Medford, allowing us to expand our retail banking footprint and better serve customers in the area,” Joe Campanelli, Needham Bank’s chairman, president and CEO, said in the statement. “We look forward to building relationships with residents, businesses and nonprofits in our new, inviting, future-ready offices. Needham Bank has a long history as the builder’s bank and we are eager to work with the Medford community as they build for the future – whether it’s building a business, a nest egg or a home.”
The specialized banking center for Needham Bank’s cannabis banking and money business customers will be located on the first floor, the statement said, and the upper level will include office space and conference rooms for SBC employees and other commercial and residential banking personnel.
“It’s been great to see Needham Bank focus on investing in state-of-the-art facilities and technology to improve the customer experience following the acquisition of Eastern Bank’s cannabis banking business,” Paul Evangelista, Needham Bank’s executive vice president and director of specialized banking, said in the statement. “The new Specialized Banking Center allows us to continue to assist customers’ banking needs while remaining in the vicinity they are used to banking in – moving just down the road.”
The new branch at 270 Mystic Ave. was once a Rockland Trust branch that closed in early 2021. Before that, it was a branch of Somerville-based Central Cooperative Bank, which was acquired by Rockland Trust in 2012.
