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Newburyport Five Cents Savings Bank is introducing private banking for higher net worth clients
The $867 million asset institution earlier this weeks said it would roll out a robust offering of private banking services for individuals who maintain a minimum of $250,000 aggregate deposits in the bank in response to demand from customers.
The private group already has its first clients and has already exceeded its first goal of $10 million in deposits.
The Newburyport Bank Private Client Group will be led by recent hire Thomas Strickler, who will be vice president and managing director.
“I see this as a tremendous opportunity for those who need the special banking acumen and streamlined, personalized consolidation that only Newburyport Bank can provide,” he said in a statement. “There is already great enthusiasm for what the group can offer, and we plan to build on that today and in the future.”
Kim Foulkes, senior vice president of retail lending and another senior member of the group, stressed the deep historical roots of personal service that will transfer from the bank to the group.
“The concept of providing superior individualized service is nothing new – the bank has been doing that for years by treating our clients exceptionally well and making them feel part of our bank family,” he said in a statement. “The creation of the private client group is only natural, and the perfect fit for what we do best.”
Rounding out the senior management team will be Tracy Duford, who will serve as a private client specialist.
The private group will offer an expanded list of core banking services, along with preferred deposit rates and terms, private loans and lines of credit. In addition, the bank’s region-leading commercial lending team will be partnering to provide and insure that business lending needs can be met expeditiously.
“As times have changed, our product offerings and services have evolved to match the needs of our customers,” Lloyd L. Hamm Jr., president and CEO of Newburyport Bank, said in a statement. “In fact, over the coming months we will be introducing some new and exciting products for our core customers.”
