Northeast Community Bancorp Inc. in White Plains, N.Y., is expanding its loan production office in Danvers, Mass., as part of a major push to increase its lending in eastern Massachusetts.
The $437 million-asset thrift company that it has hired nine new loan officers in Massachusetts who collectively have more than 160 years of experience in commercial, commercial real estate and residential mortgage lending.
In addition, Northeast said that it would start originating one-to-four family mortgages in eastern Massachusetts — a loan product it currently does not offer in any of its markets.
Northeast has four full-service branches in New York, two in Massachusetts and a loan production office in Danvers, which will be relocated to a larger building that the bank recently purchased.
In a news release, the company said it believes that recent consolidation in Massachusetts has created an opportunity for it to pick up market share. On June 30, one of the region's largest local banks, the $2.9 billion-asset Danversbank, was acquired by Peoples United Financial Inc. of Bridgeport, Conn.
