Belmont Savings Breaks Into Cambridge Market

Amidst the stack of coconut water, a few wayward shopping carts and morning shoppers, officials Shaw's Supermarkets and the city of Cambridge opened the newest branch of the Belmont-based financial institution at 699 Mt. Auburn St. near the Belmont town line.

"In-store banking is a win, win, win for the community," said Hal Tovin, the bank's executive vice president and chief operating officer. "We are very excited to be here and now add Cambridge to our towns that we serve." 

The Cambridge branch is the second of three locations in three different towns – Cambridge, Newton and Waltham – all located inside Shaw's supermarkets. Tovin said the branch represents the next phase for the Bank's in-store branch strategy, first launched in early 2012 with their branch at 1070 Lexington St. in Waltham. 

In August, the bank will open the third branch in the Shaw's Supermarket at 33 Austin St. in Newtonville that overlooks the Massachusetts Turnpike.

"We've always said that we are looking to expand the bank but we are not doing growth for growth sake. It's more of a slow logical expansion; Belmont's next door to Cambridge which is a great city to be in," said Tovin. 

As for the strategy of opening branches in existing retail operations, Tovin said building the traditional brick and mortar office "ignores the fact that people are not spending their time doing business in large offices. They are seeking convenience and our Shaw's branches give that to him. 

"We have the same products and services as the big banks but we have the personal delivery, local decision making and personal engagement of a community bank. You get the best of both worlds," said Tovin, as he help open the branch with Cambridge Vice Mayor E. Denise Simmons and Emma Watkins, director of the Cambridge Senior Center which received a check from the bank for its work assisting the elderly. 

"Our mission is to become the most admired community bank in the area," said Tovin. "So to do that we need growth to create that critical mass to give back to the community." 

The bank – with its main branch located at 2 Leonard St. in Belmont Center – has been growing at an impressive rate since 2010, increasing the size of its total assets by nearly 65 percent from $500 million to $840 million as of April of this year.