Belmont Savings Named A Top Performer

Belmont Savings Bank was named the Boston Globe’s annual rankings of the 100 top-performing publicly traded companies headquartered in Massachusetts in the Sunday Boston Globe, and online. 

The first time the bank has been on the Globe 100 at number 65, the 25th annual Globe 100 ranking was developed based on how well companies increased sales, profits, and returns for shareholders in 2012.

“This is a tremendous accomplishment for Belmont Savings Bank that would not have been possible without the hard work and dedication of all our employees.  Our strategy of combining the same technology and services of the big banks with the service levels and local neighborhood commitment of a community bank has been validated by this recognition," said Bob Mahoney, president and CEO of Belmont Savings.  

The Bank’s conversion from a mutual bank to a stock-ownership holding company began in 2011, roughly a year after Bob Mahoney assumed his role as President and Chief Executive Officer. BSB Bancorp Inc., the Bank’s holding company, completed its initial public offering October 4, 2011 and now offers shares in the company under the ticker name BLMT on Nasdaq. 

Becoming a publicly traded company enabled the Bank to expand with a focus on consumers, small businesses and commercial real estate companies. Thousands have switched to Belmont Savings over the last three years. 

Earlier this year, Bank officials announced plans with Shaw’s Supermarkets to open two new full service in-store branches: one at the Star Market located at 699 Mount Auburn Street in Cambridge, and another at 33 Austin Street in Newton, the Shaw’s overlooking the Mass Pike.  The Cambridge and Newton branch announcements continue the Bank's planned expansion of its network, after 2012’s full service branch opened inside Shaw’s in Waltham. With these openings, the number of branches has grown to seven in a five town footprint – Belmont, Watertown, Waltham, Cambridge and Newton. Since 2010, the Bank’s assets have gone from $500 million to $840 million as of the first quarter of 2013. 

The Globe 100 Magazine is published The Sunday Boston Globe, and online at BostonGlobe.com/Globe100, with some content available at Boston.com/Globe100. Readers can follow updates on Twitter: @GlobeBiz and #globe100.  

About Belmont Savings Bank

Belmont Savings Bank is a $840 million, full-service Massachusetts savings bank dedicated to quality, convenience, and personalized service.