Needham Bank Announces Medford Expansion Plan

Needham Bank is opening a new banking center in Medford and expanding its office space to better serve small and medium sized business and commercial real estate clients, and to accommodate its growing cannabis banking practice. Located at 270 Mystic Avenue, the facility will have a full-service branch to serve consumers and businesses and a Specialized Banking Center (SBC) to serve cannabis and money service businesses. It is scheduled to be completed by year-end 2022.

The new branch will feature a drive-up ATM, drive-up teller window, night deposit box, coin machine, private office space, community meeting space and state-of-the-art upgrades, including a new technology wall for customers to enjoy.

“We are excited to establish a branch in Medford, allowing us to expand our retail banking footprint and better serve customers in the area,” remarked Joe Campanelli, Chairman, President & CEO. “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 new Specialized Banking Center will serve cannabis banking and money business service customers on the first floor, and there will be office spaces, conference rooms and a kitchen upstairs 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,” said Paul Evangelista, EVP—Director Specialized Banking. “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.”