Reading Cooperative Bank CEO Julie Thurlow (second from left) and Lawrence Mayor Brian DePeña (second to the right) and building owners during the ribbon cutting of their new branch in Lawrence on Monday, July 10, 2023. Photo courtesy of Reading Cooperative Bank.
Reading Cooperative Bank said it is looking to serve Lawrence’s underbanked population with the opening of a new branch there.
The bank held a ribbon-cutting event Monday at the 215 Canal St. location, which will officially open in late summer.
RCB said it has already been servicing the Lawrence community for five years even before establishing a branch in the city, citing its origination of around $28 million in Paycheck Protection Program loans – nearly half of the bank’s total – to Lawrence business owners during the pandemic, all of which have since been forgiven. The bank also recently provided a $6.6 million loan as part of the financing package for a new food hall and apartments under development in downtown Lawrence.
“This is more than bringing banking services to a community, it’s about transforming lives through meaningful change and laying the foundation for financial inclusion and independence. We want to empower residents to take control of their own financial futures and provide the necessary support and resources to help them along the way,” RCB President and CEO Julieann Thurlow said in a statement.
The new branch will have multilingual staff to cater to a city where nearly 30 percent of residents speak a language other than English at home, according to the Census Bureau, and offer programs such as a “no harm” checking account, which eliminates overdraft fees and a “credit builder” program which helps build credit while saving.
“Today’s celebration of Reading Cooperative Bank’s Lawrence branch is a testament to our city’s commitment to economic growth and financial well-being of our residents. We are excited for our future and look forward to the start of a long and mutually rewarding partnership with Julieann and her team,” Lawrence Mayor Brian DePeña said in a statement provided by the bank.
Reading Cooperative Bank has branches in Andover, Burlington, Lynn, Nahant, North Reading, Reading and Wilmington.
