Newburyport Bank Starts a Private Banking Group

Newburyport Five Cents Savings Bank, the American banking corporation has set up a private banking unit for higher net worth customers. According to the bank, the robust banking offerings would be eligible for the customers who maintain a minimum balance of $250,000 in their deposits.

The $867M asset bank has its first customers and already crossed the $10M mark in deposits. Thomas Strickler will be the VP and MD of the private banking unit and Tracy Duford is being appointed as the private client specialist.

The customers will be offered: core banking, along with a flexible deposit rate and terms, private loans and lines of credit. Additionally, Newburyport’s leading commercial lending team will join them to provide support and ensure that business lending needs can be met expeditiously.

According to the bank, the new banking unit has created an opportunity for those who need a specialized banking acumen and streamlined, personalized consolidation for their banking accounts. The bank is very enthusiastic about providing new offers and strengthening the relationship with the customers and is seeking to maintain the spirit forever.

As times have changed, the bank’s product offerings and services have evolved to match the requirements of the customers. In fact, in a few months, the bank will be launching new and exciting products for their core customers.

 “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. The creation of the private client group is only natural, and the perfect fit for what we do best,” said Thomas Strikler.