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COVER STORY BANK PROFILE

Pentucket Leads The Charge Bank’s Commitment Revitalizes Haverhill Waterfront

BY LINDA GOODSPEED

O

Scott D. Cote President and CEO Pentucket Bank

10 BANKING NEW ENGLAND

nce known as “the little bank that could,” Pentucket Bank is now “on track together” and helping drive a renaissance in the Merrimack Valley of northern Massachusetts. Founded in 1891, Pentucket Bank is located in the old mill town of Haverhill, once home to the most millionaires per capita of any town in the country. But the historic town along the Merrimack River fell into disrepair during the 1960s, ’70s and ’80s when the mills closed. Now, thanks to a $65-million, 192,000-squarefoot revitalization of two long-abandoned buildings along the town’s waterfront spearheaded by Pentucket Bank, Haverhill is once again on the move. The bank not only provided acquisition and leasing financing for the two buildings, it is leasing one floor in the new five-story commercial building. Pentucket’s commitment helped leverage other tenants – including UMass Lowell, which is taking two floors – to move into the building, which is expected to be completed in June 2016. The second building, which will house 80 apartments, will be finished about three months later. In recognition of the bank’s leadership role, the commercial building will be known as “Pentucket Bank Plaza.” The entire development, which includes a new public park along

the river, will be known as Harbor Place. “Community banks like Pentucket play such a pivotal role in a community,” said Ron Trombley, managing director of the Greater Haverhill Foundation, which is overseeing the project. “They understand the marketplace, live in the marketplace, appreciate the value of a project like this. Haverhill is blessed to have a community bank like Pentucket.” Trombley also lauded the leadership of Pentucket’s President and CEO Scott D. Cote, who serves as the volunteer president of the GHF. “Scott’s guidance and leadership have been critical in developing this project,” Trombley said.

The Little Bank That Does

Pentucket Bank’s own revitalization began some 15 years ago. For well over a century, Pentucket, with three locations in town, was mainly a deposit bank. That all changed in 1998 with the arrival of Cote as the bank’s new executive vice president and chief credit officer. Since then, Pentucket’s assets have more than tripled from $200 million to $664 million, its deposit market share in Haverhill has doubled, and the bank has added three new branches in Salem and Hampstead, N.H. (in 2006), and North Andover,

Banking New England July/August 2015  

In this issue, Primary Bank’s grand opening in New Hampshire and succession planning becomes a priority as Boomer CEOs retire

Banking New England July/August 2015  

In this issue, Primary Bank’s grand opening in New Hampshire and succession planning becomes a priority as Boomer CEOs retire