Pentucket Bank, with assets of over $1 billion, offers six full-service community banking offices; three in Haverhill, MA, one in North Andover, MA and one each in Hampstead and Salem, New Hampshire. Pentucket Bank’s Administrative Offices are located on the fourth floor of the Pentucket Bank Plaza building at Harbor Place in Downtown Haverhill. Pentucket Bank, along with Newburyport Bank, is supported by the shared services organization of River Run Bancorp, MHC.
For general press and media inquiries please contact:
Rollstone Bank & Trust to Join River Run Bancorp, MHC
Newburyport, MA and Fitchburg, MA – October 1, 2024 – River Run Bancorp, MHC (“River Run”) proudly announces that Rollstone Bank & Trust will be joining its network of mutual community banks through the merger of Rollstone Bancorp, MHC, the mutual holding company parent of Rollstone Bank & Trust, with and into River Run. Rollstone Bank & Trust (“RBT”) will become the third bank of River Run, alongside Newburyport Bank and Pentucket Bank. >Read more
Pentucket Bank Welcomes New CEO: A Message from Stephen Jaskelevicus
Haverhill, MA – September 6, 2024 – Pentucket Bank is excited to announce Stephen Jaskelevicus as its new Chief Executive Officer, effective July 1, 2024. In his role, Jaskelevicus brings a wealth of experience and a deep commitment to community values, promising to guide the bank through its next chapter with dedication and innovation.
In a heartfelt message to the Bank’s customers, community partners, and employees, Jaskelevicus shared his enthusiasm and gratitude. "It is with great honor and excitement that I serve as the new CEO of Pentucket Bank," he said. "In these dynamic times, I am continually inspired by the resilience and dedication of our team, and their heartfelt commitment to serving our customers, our community, and each other."
Over the past 18 months, Pentucket Bank has experienced significant transformation, including the formation of River Run Bancorp, MHC, the joint mutual holding company for both Pentucket Bank and Newburyport Bank. Establishing River Run has realized several operational efficiencies, including shared office spaces, and system upgrades. Through these shifts, Jaskelevicus emphasized that the Bank’s commitment to excellence remains steadfast. "This commitment is the cornerstone of our identity – we are Pentucket Bank!" he affirmed.
Jaskelevicus expressed profound appreciation for the Bank’s team, noting their hard work and creativity as pivotal to the organization’s success. He is confident in their collective ability to continue contributing to the growth of the Bank through innovation and teamwork, furthering the Bank’s tradition of strength and stability since its founding in 1891.
Looking to the future, Jaskelevicus reinforced the Bank’s mission and values, highlighting the shared purpose that drives their efforts. "Together, we will shape a future that reflects our collective aspirations and continues to make a positive impact, both at the Bank and in the communities we serve," he stated.
About Stephen Jaskelevicus
Stephen Jaskelevicus, a lifelong resident of the Merrimack Valley, brings over thirty-five years of banking experience, including fifteen years with Pentucket Bank. A native of Haverhill, he holds a BA in Finance from Merrimack College and has dedicated much of his career to supporting businesses in the region.
Jaskelevicus’s dedication extends beyond banking. He actively participates in several community organizations, including the Greater Haverhill Foundation (First Vice President), The Griffin White Foundation (Treasurer), and Haverhill Senior Baseball. He has also been involved with Fidelity House (now Waystone) and various local boards and clubs. Known affectionately as "Stevie J.", Jaskelevicus is celebrated for his leadership, industry expertise, and warm personality. Outside of work, he enjoys competitive sports and supporting local businesses with his wife Monica, as well as spending time with their expanding family.
Pentucket Bank Awarded BauerFinancial 5-Star Superior Rating
From its humble beginnings in 1891, when it received its mutual charter and opened for just one day a week in downtown Haverhill, the Bank has now grown to six full-service community banking offices serving Massachusetts and New Hampshire. Along the way, the Bank has continued to embrace its mutual charter through a relentless focus on personalized banking relationships and superior service, and by ingraining itself into the fabric of the community – the hallmarks of a true community bank that customers trust and believe in.
To support and sustain the mutual community banking model – particularly against the backdrop of financial services industry consolidation – Pentucket Bank Holdings, MHC, and Newburyport Five Cents Bancorp, MHC, the mutual holding companies of Pentucket Bank and Newburyport Bank respectively, combined earlier this year to become River Run Bancorp, MHC, a single mutual holding company with two independent community banks with over $2.5 billion in assets.
Benn Johnson-Tatelbaum Promoted to Business Banking Officer
(Haverhill, MA) October 10, 2023 – Pentucket Bank has announced the promotion of Benn Johnson-Tatelbaum to Business Banking Officer. In this new role, Mr. Johnson-Tatelbaum will help manage a portfolio of small business customers and work to develop new business relationships for the Bank. He reports to Stacey Palovich, SVP & Senior Banking Officer.
Pentucket Bank's Eric Lampedecchio Named
Podcast: Pentucket Bank Stadium Branch Renovations in Progress;
Newburyport Bank and Pentucket Bank Receive Final Regulatory Approval for Joint Mutual Holding Company
Leanne Eastman Named One of Haverhill's
Pentucket Bank Awarded BauerFinancial 5-Star Superior Rating
(Haverhill, MA) June 11, 2024 –Pentucket Bank is once again a proud recipient of BauerFinancial, Inc.’s highest, 5-Star Superior rating for financial strength and stability. This marks the 129th consecutive quarter that Pentucket Bank has earned this distinction, which gives it the added prestige of being a “Best of Bauer Bank”. Only banks that have earned and maintained this highest 5-Star rating for 25 years (100 consecutive quarters), or longer, may claim this distinction. This latest rating was assigned in June 2024, based on March 31, 2024 financial data and signifies that Pentucket Bank continues to be one of the strongest banks in the nation.
BauerFinancial is the source for unbiased, independent bank and credit union star-ratings. No institution pays for its rating, nor can they avoid a rating. They have been analyzing and reporting on the financial condition of the nation’s banking industry since 1983.
Through the years, BauerFinancial earned the reputation of “the nation’s bank rating service”. Now, after more than three decades, hundreds of newspapers depend on their ratings for their readers. Over the years, federal and state regulators have referred thousands of inquirers to Bauer as well.
Karen Dorway, President of BauerFinancial, had this to say about Pentucket Bank, “Life has changed dramatically over the past few years, but the commitment of community banks, like Pentucket Bank, has never wavered. These banks understand that a customer’s worth is much greater than the size of their bank account. They believe in relationships that help grow and maintain communities, and they work together to nurture both those relationships and communities. They take pride in helping customers thrive. Pentucket Bank has been helping customers achieve their financial goals, both personal and business, for 133 years. Its employees appreciate all opportunities and challenges thrown their direction. They want to be the best banking partners in the community because they know, when their customers succeed, so do they.”
Podcast: Pentucket Bank Stadium Branch Reopens, Merrimack Street Branch Closes for Redevelopment
(Haverhill, MA) February 21, 2024
Listen here: WHAV.net
Listen here: WHAV.net
Pentucket Bank Announces 2024 Officer Promotions
Dawn George, Vice President, Retail Branch Operations
Dawn George has been promoted to Vice President, Retail Branch Operations Officer. Her new role is multi-faceted including ensuring Retail procedures are up-to-date, system release testing is done as needed, and supporting the Retail staff as needed including hands-on customer service and interaction. Ms. George has 35 years of experience in the banking industry, having spent the past 28 with Pentucket Bank in various roles. She is active in the community volunteering her time at numerous soup kitchens. She resides with her family in Hudson, NH.
Jacqueline Karlberg, Vice President, Commercial Loan Administration Officer
Jaqueline Karlberg has been promoted to Vice President, Commercial Loan Administration Officer. In her new role, Ms. Karlberg manages the day-to-day operations of the commercial loan group preparing monthly reports for Bank Management and the Board of Directors. She is also responsible for various projects including core conversions. Ms. Karlberg is a seasoned banking veteran having spent 16 years in the industry, the last two as Assistant Vice President, Commercial Loan Administration Officer at Pentucket Bank. She holds a BS from Southern New Hampshire University and is also pursuing an MBA there. She is a board member of Pentucket Kiwanis and resides in Haverhill, MA.
Lisa Phillips, Assistant Vice President, Deposit Systems Officer
Lisa Phillips has been named Assistant Vice President, Deposit Systems Officer. In her new role she is responsible for the administration of customer support applications, reviewing and testing releases of core systems and electronic banking and mobile apps, reviewing and testing new products for customers, and being the hands-on support expert for product and services like IRAs and online account opening. Ms. Phillips is a 24-year veteran of Pentucket Bank and has most recently worked in the deposit systems area. She is active in the community volunteering her time with Haverhill Community Meals, Emmaus House and the Relay of Life for Haverhill. In addition to being a member of the Breakfast Club of Greater Haverhill. Ms. Phillips resides with her family in Haverhill, MA.
Tracy St. Onge, Vice President
Tracy St. Onge has been promoted to Vice President. Ms. St Onge has 11 years of experience in the banking industry, having spent the past 8 with Pentucket Bank and Osaic Institutions, Inc., as a Financial Advisor. Investment and insurance products and services are offered through Osaic Institutions, Inc. Member FINRA/SIPC. Osaic Institutions and Pentucket Bank are not affiliated. Her role entails providing knowledge and strategies to clients for Financial Planning, in order to assist them in their long-term investment goals. She holds a BA from Regis College and is the Chair of the First Responders Awards Luncheon, in addition to being a member of the Exchange Club of Haverhill. She resides with her family in Hampstead, NH.
(Haverhill, MA) December 19, 2023 – Through an incredibly dedicated work ethic, as of the beginning of December, Pentucket Bank employees have devoted over 4,800 community service hours – exceeding the goal that they had set for 2023.
Annually, Pentucket Bank leadership sets an employee volunteerism goal, based on the hours of service provided by employees in the previous year with a challenge to increase their hours of service year after year. Employees collectively surpassed the 2023 goal with their wide-ranging volunteer activities in support of over 200 local nonprofit organizations. All of the volunteer activities qualifying for the goal are within the Bank’s primary service area in the Merrimack Valley and Southern New Hampshire. Since Pentucket Bank’s recently announced partnership with Newburyport Bank, employees from both Banks have been working together to expand their volunteer activities across both Bank service areas, providing volunteer support to an even wider range of community organizations.
Bank CEO Jonathan Dowst and President Eric Leuteritz expressed their gratitude, thanks, and admiration for this incredibly significant achievement. “Our commitment to making a positive impact in the communities we serve is at the core of our values, and we are proud of how we all contribute to this shared mission. Whether it's volunteering time, organizing events, or supporting local initiatives, our team’s efforts have made a meaningful difference in our community and it underscores that we truly start with heart.”
Pentucket Bank Reaches $1 Billion in Assets
(Haverhill, MA) November 29, 2023 - Haverhill, Massachusetts based Pentucket Bank has just announced that it has reached a milestone in the organization’s history by topping $1 billion in assets. This makes the mutual community bank one of the largest in Massachusetts and in New Hampshire by asset size.
From its humble beginnings in 1891, when it received its mutual charter and opened for just one day a week in downtown Haverhill, the Bank has now grown to six full-service community banking offices serving Massachusetts and New Hampshire. Along the way, the Bank has continued to embrace its mutual charter through a relentless focus on personalized banking relationships and superior service, and by ingraining itself into the fabric of the community – the hallmarks of a true community bank that customers trust and believe in.
In noting the historic achievement of surpassing $1 billion in assets, Pentucket Bank CEO Jonathan Dowst and President Eric Leuteritz issued a joint statement. “This achievement is a testament to the dedication, hard work, and unwavering commitment of each and every one of our employees. It is a testament to everyone embracing the vision of providing exceptional service and providing heartfelt support to our customers, communities, and each other. Reaching $1 billion in assets is not just about the numbers, it is about the trust our customers and our community have placed in us. It is about the honesty in the relationships we have built and the mutual respect we have created. It is representative of the appreciation that we have for our customers and the innate culture of teamwork that makes our organization feel like a family. This is the foundation of Pentucket Bank and how we have earned our reputation as a reliable, strong, and steadfast community-focused institution. It is what we will continue to build upon to ensure our institution continues to be a bedrock of the community for generations to come.”
To support and sustain the mutual community banking model – particularly against the backdrop of financial services industry consolidation – Pentucket Bank Holdings, MHC, and Newburyport Five Cents Bancorp, MHC, the mutual holding companies of Pentucket Bank and Newburyport Bank respectively, combined earlier this year to become River Run Bancorp, MHC, a single mutual holding company with two independent community banks with over $2.5 billion in assets.
Since both banks are mutual banks, operating solely for the benefit of their customers, employees, and communities, the partnership allows both Pentucket Bank and Newburyport Bank the benefit of remaining independent community banking institutions for future generations.
Benn Johnson-Tatelbaum Promoted to Business Banking Officer
at Pentucket Bank
(Haverhill, MA) October 10, 2023 – Pentucket Bank has announced the promotion of Benn Johnson-Tatelbaum to Business Banking Officer. In this new role, Mr. Johnson-Tatelbaum will help manage a portfolio of small business customers and work to develop new business relationships for the Bank. He reports to Stacey Palovich, SVP & Senior Banking Officer.Prior to joining Pentucket Bank as a Branch Manager two years ago, he held similar positions at other financial institutions, focusing on business development in the small business area. Mr. Johnson-Tatelbaum attended DePauw University and currently resides in Manchester, NH with his wife Heather.
In commenting on the promotion, Ms. Palovich noted, “Please join me in congratulating Benn Johnson-Tatelbaum on his promotion to Business Banking Officer! In this new role Benn will help manage a portfolio of small business customers and work to develop new business relationships for the Bank. This will be a new role for Pentucket Bank, reporting directly to me.
Benn has been with Pentucket Bank as a Branch Manager II for 2 years. Before this role he held a similar position at another institution with a focus on business development, specifically with small businesses. His experience makes him a perfect candidate for this new role.”
Pentucket Bank's Eric Lampedecchio Named
One of Salem State's 40 Under 40
(Haverhill, MA) October 4, 2023– Pentucket Bank’s Eric Lampedecchio, Class of 2008, was recently named as one of Salem State University’s 40 Under 40. Mr. Lampedecchio serves as Vice President of Learning & Development at Pentucket Bank.
40 Under 40 recognizes remarkable individuals whose achievements positively contribute to the Salem State difference, either in their professions or communities. They were recognized earlier this year at Salem State’s Alumni Weekend. A diverse panel of judges representing many areas of the Salem State community selected this class from a pool of talented applicants from the following areas: student life, academic affairs, alumni, and university volunteers.
As Vice President of Learning & Development at Pentucket Bank, Mr. Lampedecchio is responsible for identifying the training needs of the organization and delivering engaging learning programs to facilitate the development of employees’ knowledge, skills and abilities. He has also chosen to share what he does and how his career has evolved with Salem State Students focusing on things like leveraging social learning opportunities, encouraging students to transition to expand their knowledge base, and how to neutralize negative factors such as career burnout.
Commenting on the Salem State recognition, Pentucket Bank CEO Jonathan Dowst noted, “We are very proud of Eric’s award. It is a fitting tribute to an individual that has been instrumental in the success our organization. Eric is committed to ensuring that all of our associates are on a continual learning and development curve, ultimately leading to their career success. And the Bank’s ongoing success. We’re very fortunate to have him as part of our team.”
Podcast: Pentucket Bank Stadium Branch Renovations in Progress;
24 Operations Offices to Move There
(Haverhill, MA) August 23, 2023
Listen here: WHAV.net
Pentucket Bank Announces Leadership Promotions
(Haverhill, MA) July 25, 2023 - Jonathan H. Dowst, Chief Executive Officer, Eric G. Leutertiz, President, and the Executive Leadership Team at Pentucket Bank are pleased to announce three key leadership promotions effective July 1, 2023.
Leanne M. Eastman, Senior Vice President, Community & Public Relations Director
Leanne has worked for Pentucket Bank for over 13 years and is responsible for the formulation of strategic marketing plans in support of annual goals. She also has established guidelines and provides oversight for the Bank’s community support efforts, including employee volunteerism, charitable donations and sponsorships, and management of the Pentucket Bank Charitable Foundation. She led the Bank’s recent rebrand initiative, resulting in the Bank’s new tagline “Start with Heart.” In her new role, Leanne will continue to be responsible for Pentucket Bank’s previously described community support efforts, while working closely with a team at Newburyport Bank to assist with their community support strategy. She also will manage the public relations and corporate event strategies for both Banks under the direction of the leadership team of River Run Bancorp, MHC.
Leanne, a lifelong resident of Haverhill, sits on the Board and is a past President of the Boys & Girls Club of Greater Haverhill, volunteers with the Exchange Club of Haverhill, and recently was voted as one of Haverhill’s Top 25 Most Influential People. In addition to volunteering, Leanne enjoys golfing, dining out, and walks with her dog, Fitz.
Stacey L. Palovich, Senior Vice President, Senior Banking Officer
Stacey joined the Pentucket Bank team in 2022 and has over 10 years of industry experience. She oversees the retail deposit and mortgage loan goals for the Bank while managing the Bank’s Mortgage Loan Originators, Retail Branch Administration Team, and Treasury Services, with plans to add a Business Banking Team. Stacey also is responsible for formulating the strategic business deposit goals for the Bank. Her most recent role at Pentucket Bank was as Senior Vice President, Commercial Lending Team Leader, working with the Lending Team to deepen existing commercial relationships and establish new business relationships. In addition, Stacey piloted the new Pentucket Bank Healthcare program, specifically designed for the banking needs of dentists. In her new role, Stacey will continue her oversight of this program.
Stacey embodies Pentucket Bank’s culture of community support as the clerk for Community Giving Tree and as a board member for Northern Essex Community College. She enjoys reading, hiking, barre classes, and biking. Stacey lives in Boxford, MA, with her husband and son.
Newburyport Bank and Pentucket Bank Receive Final Regulatory Approval for Joint Mutual Holding Company
River Run Bancorp, MHC is the singular,
joint Mutual Holding Company of both Banks
(Newburyport, MA and Haverhill, MA) June 30, 2023 – Newburyport Bank and Pentucket Bank are pleased to announce they have received formal regulatory approval for the establishment of River Run Bancorp, MHC as the singular, joint mutual holding company under which both banks will operate as separate, independent community banks. With the formation of River Run Bancorp, MHC (River Run), Newburyport Five Cent Bancorp, MHC, and Pentucket Bancorp, MHC, the former mutual holding companies of Newburyport Bank and Pentucket Bank, will merge to form River Run effective July 1, 2023.
River Run will manage the shared services organization supporting both Newburyport Bank and Pentucket Bank. While both Banks maintain their independent, mutual community bank status, working in tandem under River Run provides scale to the organization. Working together under River Run provides greater opportunities for advanced products and services and operational efficiencies. This will establish River Run as a dominant, sustainable, independent, and full-service mutual community banking partnership in the Northeastern Massachusetts and Southern New Hampshire markets. River Run Bancorp, MHC boasts consolidated assets of nearly $3 billion.
“We are thrilled to have received formal regulatory approval from the Federal Reserve Bank of Boston and the Massachusetts Board of Bank Incorporation for the formation of River Run and to begin officially operating under our new structure. The formation of River Run is a testament to the strength and solidarity of both independent banks, which makes our partnership under River Run so powerful,” said Lloyd Hamm, CEO of River Run. He continued, “We believe this strategic partnership will yield countless benefits for the employees, customers, and communities of both banks.”
In preparation for the legal formation of River Run, the teams of both Banks have been working behind the scenes to establish the River Run brand and to begin integrating back-office functions, combining internal technology platforms and aligning processes and procedures for the benefit of customers and employees of both Banks. Employees of River Run will be combining physical office spaces to better collaborate throughout the organization, with additional facilities investments planned at several current Bank locations over the coming year. These investments will create space to better accommodate the River Run team today while planning ahead for the future growth of River Run, as other banks may potentially seek to join the partnership.
A key milestone to date is the selection of a joint core systems provider that is an industry leader in technology and core banking solutions. Pentucket Bank’s conversion to this new system will align the daily operations of both Banks, creating a unique and seamlessly interchangeable banking experience for the customers of both Banks.
“The process to come together as one River Run team has proven our team’s talent and dedication to our customers, communities, and one another,” said Jonathan Dowst, President of River Run. He continued, “We are thankful to our Board and Corporators for their support and trust in our team to bring River Run to reality. There is a tremendous amount of work being done in the background as we prepare for the official launch of River Run, and this is what provides the foundation for the long-term sustainability of both Banks for the benefit of all of our customers, employees, and communities. This is the most important part, this is why we are here.”
The leadership teams at River Run, Newburyport Bank, and Pentucket Bank are working toward an aligned organizational management structure, with several leadership promotions to be announced. Under River Run, both Banks will maintain their local name, brand, retail, lending organizations, management, and Board of Directors. Corporators will jointly serve as Corporators of River Run. Additionally, a Board of Advisors will be formed for each respective Bank that Corporators previously served. To further the independence of the two Banks, both Banks have instituted charter protections to ensure both organizations remain independent mutual Banks for many decades to come.
Lloyd Hamm, President and CEO of Newburyport Bank, is the CEO of River Run. Jonathan Dowst, President and Chief Executive Officer of Pentucket Bank, is the President of River Run, and will succeed Lloyd Hamm as CEO of River Run upon his retirement.
Since both Banks are mutuals, operating solely for the benefit of their customers, employees, and communities, the partnership is designed to sustain Newburyport Bank and Pentucket Bank as community banking institutions for decades to come, while serving as a model for other mutual banks across New England and beyond. There is potential for other local banks to join the mutual holding company in the future.
Leanne Eastman Named One of Haverhill's
25 Most Influential People
(Haverhill, MA) April 22, 2023 - Pentucket Bank's Leanne Eastman, VP of Marketing and Community Relations, was recently named by Haverhill Magazine as one of Haverhill's 25 Most Influential People as published in their Spring 2023 edition. This title recognizes community leaders who are making a positive difference for Haverhill schools, for the arts and events, for those less fortunate, and for the overall betterment of Haverhill.
A community-wide nomination process was issued earlier in the year asking citizens and community members to nominate people they consider to be "the most influential" with an influential person defined as "one who has the power or capacity of causing an effect in our community in indirect or intangible ways. With over 70 nominations received, the selection committee selected 25 individuals to honor with this recognition.
Honorees were asked to share their proudest moments, biggest influences on their own lives and their life philosophies. Leanne shared many moments of pride and accomplishments in her responses, she shared her personal philosophy on life, "I have a fortune from a cookie taped to my monitor at work that reads: 'Your reputation is your wealth.' I try to keep that top of mind always." In light of having a positive outlook and maintaining positive relationships, Leanne said, "I also believe in 'Good for Good.' It always seems to prevail."
In addition to her 13 years as valued and accomplished Pentucket Bank employee, Leanne has been volunteering in the community for over 18 years, starting in 2004 at the Greater Haverhill Chamber of Commerce. She is a proud member of the Exchange Club of Haverhill, joining the organization in 2006, and has served as a board member of the Boys & Girls Club of Greater Haverhill since 2014. She is a past president of both organizations. Leanne is also an active member of the Greater Haverhill Chamber of Commerce WOW Committe. In addition to a number of priorities, one of Leanne's primary responsibilities is to manage community volunteerism activities and charitable giving efforts for the Bank. She is a proud lifelong "townie," and enjoys supporting local commerce and community organizations.
Pentucket Bank is at the Center of Haverhill's Downtown/Merrimack Street Redevelopment
(Haverhill, MA) April 10, 2023
Eagle Tribune Article
WHAV.net Article
Pentucket Bank Announces 2023 Officer Promotions
(Haverhill, MA) July 3, 2023 - Jonathan Dowst, President and CEO of Pentucket Bank, along with the Senior Management Team of the Bank, are proud to announce the following officer-level promotions that took effect January 1, 2023:
Eric Landers, Senior Vice President, Senior Credit Risk Manager
Eric has worked at Pentucket Bank collectively for over nine years and brings over twenty years of experience to his role. In his new role, Eric reports direction to the Chief Operating Officer and oversees the underwriting, processing, and closing of the Bank’s consumer and commercial loans. Eric is a graduate of Boston College with his MBA from UMass Boston. He is an active volunteer with the Pregnancy Care Center where he serves as Treasurer of the Board; he is also a member of the Knights of Columbus. Eric lives in Andover where he enjoys hiking, writing & performing music, and spending time with his wife and their three children.
Jody Ronayne, Vice President, Mortgage Loan Officer
Jody came to Pentucket Bank six years ago and has a total of seventeen years in the banking industry. Jody is responsible for consumer lending activity in and around the Bank’s Southern New Hampshire market. In addition to working with consumers to fulfill their home-ownership goals, Jody is focused on building relationships with local closing attorneys, and realtors and working in partnership with various local organizations that offer homebuyer education courses. Jody is a volunteer with the Salvation Army and the Hampstead Kiwanis Club. She lives in Pelham with her family. In her spare time, she enjoys shopping and reading.
Sara Wormald, Vice President, Audit Manager
Sara joined the Pentucket Bank team almost four years ago bringing over twenty years of experience to her position. Sara is responsible for the design and coordination of the Bank’s audit plan with its external and internal auditors. Sara provides reporting to the Bank’s Audit Committee and is also the co-chair of the Bank’s Risk and Business Continuity Planning and Disaster Recovery Committee. She regularly works with managers of other departments in the Bank on fraud issues and monitoring activities and collecting any losses. Sara also serves as the Security and Privacy Officer for the Bank. Sara also brings her experience and knowledge as an attorney to her role. Sara volunteers with the Merrimack Valley YMCA and in her spare time, she enjoys motorcycle rides with her husband and spending time with their two children.
Jacqueline Karlberg, Assistant Vice President, Commercial Loan Administration Officer
Jacqueline began her time at Pentucket Bank in January 2021 bringing over fifteen years of experience in the banking industry, seven of which she has spent working in commercial banking. Jaqueline is responsible for managing and overseeing the daily functions of the Commercial Loan Assistant team, preparing loan documentation, as well as quality control to ensure loans are accurately boarded to the system. She is also responsible for preparing monthly and quarterly reports for Senior Leadership and the Board of the Bank. Jacqueline earned her undergraduate degree from Southern New Hampshire University where she is currently working towards her Master’s degree. She is an active member of the Haverhill Kiwanis Club and is a resident of Haverhill. In her spare time, Jacqueline enjoys reading, spinning classes, and boating.
Liri Rivera, Assistant Vice President, Accounting Manager
Liri has been with Pentucket Bank for nine years and brings over twelve years of experience to her role. Liri’s primary duties include oversight of the daily functions of the members of the Finance team for the Bank, while also managing month-end closing tasks, financial statement analysis, and preparation. Liri directly reports to the Bank’s Chief Financial Officer. Liri earned her Master’s in Business Administration from Southern New Hampshire University and enjoys volunteering in a Board member capacity for Project Home Again. Liri is an avid tennis player, and Zumba instructor and enjoys spending time with her family. She is a resident of Andover, MA.
Connor Shaw, Assistant Vice President, Commercial Loan Officer
Connor is a six-year veteran of Pentucket Bank having started with the Bank as a Credit Analyst before moving into his role as a Commercial Lender. Connor is responsible for developing and deepening existing relationships with the Bank’s commercial loan clients, as well as identifying new opportunities to assist businesses in the Merrimack Valley and Southern New Hampshire with their business loan needs. Connor is an active member of the Haverhill Kiwanis Club and attends many local Chamber of Commerce events as well as supports other non-profits in the Bank’s service area. He is an avid golfer and basketball player in his time outside of the Bank. Conner is a graduate of the University of Massachusetts, Dartmouth and is a resident of Amesbury, MA.
Amanda McCafferty, Branch Manager II, Stadium Branch
Amanda has been with Pentucket Bank for three years, with five in the banking industry. Amanda is responsible for the overall management of Pentucket Bank’s Stadium Branch team, ensuring they meet their daily responsibilities while maintaining a consistently superior customer experience in the Branch. She also oversees the operational and compliance-related responsibilities of the Branch. Amanda brings a superior level of integrity, accuracy, and professionalism to her role and is often revered by her customers for her kind-hearted attention to their needs. Amanda is a passionate volunteer with Sweet Paws Rescue and enjoys reading and traveling. She lives in Haverhill with her husband Patrick and their dog Reese.
Kerry Beaton, Branch Manager II, Westgate Branch
Kerry has been with Pentucket Bank for three years, bringing over twelve years of banking experience to her role. Kerry is responsible for the overall management of Pentucket Bank’s Westgate Branch team, ensuring they meet their daily responsibilities while maintaining a consistently superior customer experience in the Branch. She also oversees the operational and compliance-related responsibilities of the Branch. Kerry is well known as a leader, an advocate, and a resource for her team and her customers. She is well known for bringing a great sense of humor to her role while maintaining the highest level of professionalism with her team and customers. Kerry has spent time volunteering with Women’s Money Matters and outside of work she enjoys hiking, traveling, and attending comedy shows. Kerry is a current resident of Plaistow.
Bank to Form Model for Mutual Community Banking
Newburyport Bank and Pentucket Bank come together under a single mutual holding company.
(Haverhill, MA and Newburyport, MA) December 16, 2022 – To help support and sustain the mutual community banking model—particularly against the backdrop of financial services industry consolidation — Newburyport Five Cents Bancorp, MHC, and Pentucket Bank Holdings, MHC, the mutual holding companies of Newburyport Bank and Pentucket Bank, are combining to become one single mutual holding company with two independent community banks with over $2.5 billion in assets. Lloyd Hamm, President and CEO of Newburyport Bank will serve as CEO of the newly formed holding company. Jonathan Dowst, President and CEO of Pentucket Bank, will serve as President and will succeed Lloyd Hamm at his retirement.
The ability for Newburyport Bank and Pentucket Bank to invest and work in tandem under one holding company will create a unique opportunity to build a dominant, sustainable, independent, and full-service mutual community banking partnership in the Northeastern Massachusetts and Southern New Hampshire markets.
Newburyport Bank (headquartered in Newburyport, MA) and Pentucket Bank (headquartered in Haverhill, MA) are thriving mutual community banks that serve different markets within the Greater Seacoast and Merrimack Valley regions. While operating under one holding company, each bank will maintain its local name, brand, headquarters, retail and lending organizations, management, Charitable Foundation, and Board of Directors. Corporators will serve as Corporators of the new mutual holding company. Additionally, a Board of Advisors will be formed for each respective Bank that Corporators serve today. To further the independence of the two Banks, each Bank will be instituting Charter provisions to ensure each organization remains a mutual savings bank for many years to come.
Operating under a single holding company will allow the two banks to consolidate back-office operations and systems, invest in advanced products and services, achieve scale and efficiencies, and invest in the customers and communities they serve. There will be no layoffs or branch closures since there is no overlap in retail banking territories.
“We believe independent community banks will survive but they face strategic challenges to thrive,” said Lloyd Hamm, President and CEO of Newburyport Bank. “Sharing operational costs and resources is a way to scale and stay competitive in the marketplace. This partnership is in the best interests of our customers, employees, and communities. Both Banks will continue to have strong, independent presences as highly successful and competitive community banks.”
Since both banks are mutuals, operating solely for the benefit of their customers, employees, and communities, the partnership should sustain Newburyport Bank and Pentucket Bank as community banking institutions for future generations, while serving as a model for other mutual banks across New England and beyond. There is potential for other local banks to join the mutual holding company in the future.
“To remain relevant to customers, employees, and communities, scale becomes paramount,” said Jonathan Dowst, President and CEO of Pentucket Bank. “It’s necessary to attract top talent employees, to deliver innovative technology, operations, products, and services to customers, and to enhance the quality of life in our communities.”
Newburyport Five Cents Bancorp, MHC retained Loomis & Co. to provide financial advice for the transaction and K&L Gates LLP to provide legal advice. Pentucket Bank Holdings, MHC retained Luse Gorman, PC to provide legal advice.
Pentucket Bank Welcomes Stacey Palovich
to Commercial Lending Team
(Haverhill, MA) April 5, 2022 - Jonathan Dowst, President & CEO of Pentucket Bank, along with the Bank’s Executive Leadership Team welcomed Stacey Palovich to the Bank as a Senior Vice President and Commercial Lending Team Leader.
Stacey joined Pentucket Bank on March 21 bringing over ten years of commercial lending experience to the team. Her experience includes working with businesses from around New England. Stacey’s primary role with the Bank is to develop and deepen current loan relationships with the Bank’s commercial clients while identifying new business loan opportunities in and around the Merrimack Valley and Southern New Hampshire. She will also be responsible for co-leading the Bank’s team of Commercial Lenders to increase loan outstandings.
“We are thrilled to welcome Stacey to the team,” said Stephen Jaskelevicus, Senior Vice President & Chief Credit Officer. He continued, “We already have a very talented group of Commercial Lenders here at Pentucket Bank. As we look to expand our market presence, Stacey’s proven record of leading her teams to top sales performance will only strengthen the entire commercial lending area and the Bank’s performance.”
Stacey is a graduate of SUNY University at Buffalo. She is a volunteer with Salem Sound Coastwatch, the Center for Women & Enterprise, and the Community Giving Tree. She enjoys reading, hiking, barre classes, and biking. Stacey lives in Boxford, MA with her husband and their son.
Pentucket Bank Welcomes New Directors and Corporators
at the Bank's 130th Annual Meeting
While Honoring Retiring Directors
(Haverhill, MA) March 28, 2022
Pentucket Bank Officially Names Jonathan Dowst
Chief Executive Officer
(Haverhill, MA) July 2, 2021 - The Senior Leadership Team and Board of Directors of Pentucket Bank are pleased to officially announce Bank President Jonathan Dowst as Chief Executive Officer and Director, effective July 1, 2021. Dowst assumes this role following the June 30th retirement of long-time Bank leader and former CEO, Scott Cote.
Jonathan (Jon) joined the Pentucket Bank team as Executive Vice President/Chief Credit Officer in March of 2019 following nearly 35 years at both small and large banks. He most recently had been employed at Bank of America, where he held a number of senior-level leadership roles in commercial credit, sales, and overall business strategy.
In addition to his experience with national banks, Jon started his career in community banking in New Hampshire, where he honed strong customer service, team building, and community involvement skills, aligning his experience with Pentucket Bank’s community-based mission and culture.
Jon was subsequently named President of Pentucket Bank on July 1, 2020, as part of the Bank’s long-term succession plan. In his role as President, Jon worked closely with Cote and former President Charles Walker, along with the other members of the Bank’s Senior Leadership Team, to ensure a smooth transition while also overseeing the day-to-day operations of the Bank.
“I am humbled by the support I have received by the Bank’s Board of Directors and Leadership Team, and by their trust in me to lead this fine community institution. I have large shoes to fill with the retirements of Scott and Chuck, however together with Pentucket Bank’s team of talented, dedicated, and passionate bankers, I am confident we will continue to do great things for our customers and communities,” said Dowst.
As President and CEO, Jon will report directly to the Bank’s Board of Directors, of which Cote remains Chairman. Walker will also continue to serve on the Board in retirement. Jon continued, “My commitment, together with the Bank’s employees, is to maintain and strengthen the Bank’s mission, core values, culture, and commitment to mutual ownership and independence for the benefit of our current and future customers, and our communities. I am grateful for the leaders who came before me and I look forward to building upon the strong foundation they established, dating back to 1891.”
In his time with Pentucket Bank, Jon has woven himself into the fabric of the community as a member of the Boards of Directors of UTEC and the Merrimack Valley Chamber of Commerce, a member of the Haverhill Rotary Club, and a recent graduate of the Greater Haverhill Chamber of Commerce LEADS program for economic and leadership development. Jon and his wife Maureen split their time between Haverhill, MA and Weare, NH.
Pentucket Bank Bids Farewell to Retiring CEO Scott Cote
(Haverhill, MA) June 21, 2021 - The Senior Leadership Team and Board of Directors of Pentucket Bank are preparing to say farewell to current Bank Chief Executive Officer and Chairman of the Board Scott D. Cote as he nears the date of his retirement as CEO on June 30, 2021. Cote will remain in his role as Chairman of the Board following his retirement.
Scott D. Cote came to Pentucket Bank in 1998 following an already storied 25 years in banking leading up to what would be the final Bank in his career and what he likes to tout as “his dream job.” He joined the Pentucket Team as Executive Vice President and Chief Credit Officer under the leadership of then Bank President & CEO, the late Kendall C. Smith. Cote became President of the Bank in 2008, while Smith remained in the role of CEO until his retirement in 2010, at which time Cote was named President & CEO. Cote served in this role until 2015 when Charles A. Walker was named President of the Bank and he assumed the role of Chairman of the Board while also remaining as CEO. Cote remains serving in both of these roles until his retirement as CEO on June 30th, at which time he will retire from day-to-day operations but will continue to provide leadership in his ongoing role as Chairman of the Board. In 2019, Charles Walker was named Vice Chairman while remaining a key member of the Bank’s Executive Leadership Team and Jonathan Dowst joined the Bank as President. Walker is accompanying Cote into retirement from the Bank on June 30th, yet he will also continue as a member of the Bank’s Board. On July 1st, Dowst will become Pentucket Bank’s CEO in addition to his role as President.
Cote’s career can be summed up by the growth and success Pentucket Bank has realized under his leadership. In 1998, the Bank was a mere $202 million in total assets, $30 million in capital and about 60 employees. Upon his retirement, the Bank will boast $925 million in total assets, over $105 million in total capital and close to 140 employees. In addition, the Bank grew by three new Branch locations under his tenure. In 2006, opening both the Hampstead and Salem, New Hampshire Branches and in 2014 adding the North Andover Branch.
Along with the Board of Directors and Bank Corporators, Cote lead the Bank in establishing a Mutual Holding Company, Pentucket Bank Holdings, MHC, providing the Bank with maximum growth and flexibility for the future. With the support of the Bank’s Board of Directors, Cote played an integral role in the Harbor Place development project at the site of the old Woolworth Building on Merrimack Street in downtown Haverhill. Pentucket Bank was the first company to commit to a long-term lease agreement and naming rights of the project’s commercial building, where the Bank’s Administrative Offices have been located since 2017. Pentucket Bank recently purchased their Fourth Floor suite, further demonstrating their ongoing commitment to remaining headquartered in Haverhill’s downtown.
Scott’s professional associations and accolades include his service as the Board President of the Greater Haverhill Foundation from 2016-2017; he has served on the Savings Bank Employees Retirement Board since 2014 and in 2019 Scott was elected to serve a six-year term on the Board of the Depositors Insurance Fund of Massachusetts. He is also a long-time member of Haverhill Country Club. Scott is a proud alumnus of the University of New Hampshire’s Whittemore School of Business and Economics from which he earned a Bachelor’s of Science degree in Business Administration.
In addition to his impact on the Bank, Cote follows closely in the footsteps of his father and former Pentucket Bank President/CEO & Chairman of the Board, the late Edmund J. Cote, Jr., as a passionate community leader in his own volunteer capacity with the Haverhill Rotary Club where in 2006 he was named a Paul Harris Fellow; the Greater Haverhill Foundation, the Wadleigh Foundation, NECC Foundation and the Greater Haverhill and Greater Salem Chambers of Commerce. He was also a past director of the Salem Boys & Girls Club and a recipient of the Man/Youth Award for Community Service in 2003.
Over the years Scott has been recognized many times for his passionate support of the community through volunteerism and charitable giving. In 2013, Scott was the recipient of the William A. Brown Distinguished Businessperson Award by the Greater Salem Chamber of Commerce; in 2012, he was honored with the Richard P. McCoy Community Service Award by the Salem Boys & Girls Club; and was the 2012 recipient of the prestigious Legacy of Leading Award, presented by the Home Health Foundation (HHF). Scott also served HHF as the co-chair of the Merrimack Valley Hospice House Capital Campaign. He is also a past Trustee of the former Merrimack Valley Hospital. Scott has been honored as a Y for All Champion and received the YMCA Community Partnership Award, both given by the Haverhill YMCA; and he received the Distinguished Citizens Award in 2007 from the Yankee Clipper Council of the Boys Scouts of America. He is a past Director and Chairman of the Board and 2006 recipient of the Charles E. Billups Community Service Award from the Greater Haverhill Chamber of Commerce.
However, besides his own passion for giving back to the Community, Cote established a culture of community involvement for all employees of the Bank, encouraging employees to give back as well. As a result, Bank employees annually volunteer close to 5,000 hours of community service and the Bank supports local non-profits within its service area through sponsorships and contributions totaling over $400,000 each year. Cote also spearheaded the establishment of the Pentucket Bank Charitable Foundation in 2011 to ensure the Bank’s commitment to supporting local non-profit organizations remains a top priority for the Bank long into the future. The Foundation has disbursed over $500,000 in contributions to date and currently boasts assets of over $1.5 million.
Cote credits the success of the Bank to the talented employees and Board who have helped support and embody the mission of the Bank. He said, “Having the opportunity to finish my career in my dream job, working alongside passionate, loyal and talented bankers to make a difference in the lives of our customers while also making an impact on our communities has been a privilege.” He continued, “When I started at Pentucket Bank I was proud to carry on the legacy of my father and Ken Smith, while focusing on my passion for community service. I am confident that as I conclude my time as CEO and pass the torch to Jon Dowst, that Jon and our team will continue our community service commitment and mission. I look forward to working with Jon and his Senior Leadership Team and the Board in my role as Chairman, to continue to raise our standard for the benefit of our customers, employees and communities.” Cote concluded, “It has truly been an honor and I am grateful for the opportunity to lead Pentucket Bank all these years. I leave with a full heart and look forward to a future of growth and success for Pentucket Bank and the communities we serve. Thank you for the wonderful support the Bank has received, it has been my privilege to serve our customers and community.”
Pentucket Bank & Cote Family Establish
Memorial Scholarship at Haverhill High School
(Haverhill, MA) April 5, 2021 - Pentucket Bank and the family of former Bank President & CEO Edmund J. Cote, Jr. have established a scholarship for graduating Haverhill High School Seniors in the name of the late Mr. Cote, beginning in 2021.
Edmund J. Cote, Jr. served as the President and CEO of Pentucket Bank for more than 15 years from 1983-1998, and remained a part of the Pentucket Bank family as a Director and Corporator until his passing on June 14, 2020. Mr. Cote was instrumental in several strategic growth initiatives at Pentucket Bank, most notably spearheading the purchase of what is now the Bank’s Main Office Branch and office building at One Merrimack Street in Downtown Haverhill.
Mr. Cote was not raised in a family of means; he was a bright student, but not among the top students in his class, however, he was an extremely hard worker with a charismatic personality. Throughout his career, he found great fulfillment in community service and volunteerism, while he advanced in his career in banking. He went on to become the President of BayBank Merrimack Valley before moving on to finish his esteemed career at Pentucket Bank. As a tribute to Mr. Cote, the Cote family raised $20,000 to establish a memorial scholarship in his name at Haverhill High School. In honor of the Bank’s former leader, Pentucket Bank matched the funds in full, providing the City of Haverhill with a $40,000 investment to The Edmund J. Cote, Jr. | Pentucket Bank Scholarship Fund.
Scott D. Cote, current Pentucket Bank CEO & Chairman of the Board and son of Edmund J. Cote, Jr. remarked,
“Upon my father’s passing in June of 2020, my family felt strongly about honoring my father’s legacy by establishing a scholarship in his name. I am extremely proud that we were able to raise $20,000 as a family, something my father would have been so moved by.” He continued, “I am humbled by Pentucket Bank’s offer to match the funds in full, bringing the investment to $40,000. It is a testament not only to my father’s legacy as President & CEO of the Bank but also of the Bank’s long-standing commitment to investing in our community and supporting the continued education of our youth.”
The scholarship, which will be awarding two, $1,000 scholarships annually to two Haverhill High School graduating seniors beginning in 2021, is intended to provide support and assistance to students like Mr. Cote; students who are not at the top of their class, but whose potential is unlimited when given the opportunity to succeed.
Pentucket Bank Welcomes Community Leaders
to Board of Corporators
(Haverhill, MA) March 18, 2021 - Scott D. Cote, CEO and Chairman of the Board of Pentucket Bank, Bank President Jonathan Dowst, along with the Board of Directors and Trustees, officially welcomed the following community leaders to the Board of Corporators at the 129th Annual Meeting of Pentucket Bank on March 11, 2021.
Delia Duran-Clark. Delia is the Principal of Esperanza Academy in Lawrence and was previously an Adjunct Professor at Merrimack College. She is a graduate of Boston College, and also holds advanced degrees in Education and Social Work. Delia is a resident of Andover, and very active in Haverhill including serving as a Director of the Greater Haverhill Chamber of Commerce.
Maria Bonanno. Maria owns the law firm Bonanno Law and Title, PC in Methuen. She has been a practicing attorney in the Commonwealth of Massachusetts since 2009. Maria received her J.D. from the Massachusetts School of Law and her B.A from Merrimack College. Her areas of concentration are commercial and residential real estate. In the community, Maria is a Board Member of the Holy Family Hospital and Nevins Family of Services. She lives in Methuen.
Dr. Noemí Custodia-Lora. Noemi is Vice President at Northern Essex Community College, where she runs Community Relations and the Lawrence Campus. Noemi holds a BS in Biology from Universidad de Puerto Rico, a Ph.D. in Physiology and Molecular Endocrinology from Boston University, and she did her Post-Doctoral Research Fellowship at Tufts Medical School. Her professional interests include strategies aimed at increasing access to education, especially for underrepresented minorities, adult learners, and immigrants. She is a resident of Haverhill.
Ryan Horgan. Ryan is Vice President and General Manager of Rockingham Toyota in Salem, NH. His family-owned and operated business was established in 1985 and has deep, extended roots throughout the Greater Salem community. Ryan is a graduate of Southern New Hampshire University, with a Masters in Business Administration and Organizational Leadership. He is active in the community as a Board Member of the Boys & Girls Club of Greater Salem NH. He lives in Atkinson.
Pentucket Bank Welcomes Community Leaders
to Board of Trustees
(Haverhill, MA) March 16, 2021 - Scott D. Cote, CEO and Chairman of the Board of Pentucket Bank, Bank President Jonathan Dowst, along with the Board of Directors and Trustees, officially welcomed the following community leaders to the Board of Directors and Trustees at the 129th Annual Meeting of Pentucket Bank on March 11, 2021.
Michelle Lavigne, a Corporator of Pentucket Bank since 2019, is the owner of several Servpro franchises, including Haverhill where their headquarters are located. Michelle officially joined the Servpro team, her family’s business, in 2006 where she worked for her father and fellow Pentucket Bank Corporator, Dave Hart, as marketing and office manager before purchasing the business with her husband Patrick in 2013.
Michelle is a member of the Exchange Club of Haverhill and currently serves on the board as Treasurer. Michelle is also an active supporter of numerous local organizations including the Liz Murphy Open Hand Food Pantry, Sacred Hearts School, the Boys & Girls Club of Greater Haverhill and many youth sports programs. Michelle lives in Haverhill with Patrick and their two children.
Daniel Norris became a Bank Corporator in 2011. He practices Corporate Law and is a Director in the McLane Middleton Law firm in Manchester, NH and Woburn, MA. Dan received his J.D. from Northeastern University School of Law and his B.A with distinction from Purdue University. Dan’s areas of focus at the firm include Mergers and Acquisitions and Corporate Business Law, as well as other corporate specialties.
In the community, Dan is a member of the Central Catholic Board of Directors, a member of the Salem Chamber of Commerce, and has served on the Salem Boys & Girls Club Board of Directors, where he was past president, as well as many other local and statewide affiliations. Dan lives in Salem, NH with his wife Lori and their three children.
Pentucket Bank Welcomes Maureen Meletis
as Vice President, Program Manager
(Haverhill, MA) March 1, 2021 - Scott D. Cote, CEO and Chairman of the Board of Pentucket Bank, Jonathan Dowst, President, along with the Senior Management Team of the Bank, are pleased to welcome Maureen Meletis to the team as Vice President, Program Manager.
Maureen began at the Bank on February 1st, bringing over thirty years of banking experience; many of those years spent with a focus on commercial lending administration, project management and process improvement. In her new role with Pentucket Bank, Maureen is responsible for maintaining the Bank’s Program Management Department, tracking statuses, timelines, and financials of all in-flight projects across the Bank. Maureen will work collaboratively across all departments of the Bank to help Project Managers keep their projects on track and ensure project outcomes are in line with their project charters and the Bank’s overall goal of providing superior customer service to all customers.
Maureen resides in Derry, NH with her family and when not working enjoys gardening and volunteering with the MA & NH Alzheimer’s Associations, where she is an advocate, Program Volunteer and past chair of the Central NH Walk to End Alzheimer’s.
Pentucket Bank Purchases 4th Floor of
Pentucket Bank Plaza at Harbor Place
(Haverhill, MA) February 19, 2021 - Scott D. Cote, CEO and Chairman of the Board of Pentucket Bank is pleased to announce the purchase of the fourth floor of the Pentucket Bank Plaza building at Harbor Place in Haverhill. This purchase reinforces the Bank’s continued commitment to supporting and investing in the revitalization of Haverhill’s downtown.
Pentucket Bank currently occupies the entire fourth floor of the building with several of their administrative offices, which began as a ten-year lease agreement in 2016. This initial lease agreement made by Pentucket Bank was the first of several occupancy commitments needed in order to secure the critical state and private sector funding that made the Harbor Place development possible. Following Pentucket Bank’s commitment, others, such as UMass Lowell, MTM Insurance Company and HC Media Inc. signed their respective occupancy/purchase agreements and the project proceeded to completion, and the Pentucket Bank Plaza building is now fully occupied.
“We have been proud of the pivotal role that Pentucket Bank has played in making the Harbor Place development project a reality,” said Scott Cote, CEO and Chairman of the Board. He continued, “We were the first business to commit to space in the building by signing our long-term lease; an investment that we felt showcased our support of Haverhill’s downtown renaissance. We have now taken that commitment to another level by purchasing the space so that the Bank will remain in downtown Haverhill where they started in 1891."
As part of their initial, early phase lease commitment, Pentucket Bank negotiated naming rights to the commercial building, now known as Pentucket Bank Plaza at Harbor Place. The building stands at the site of the former Woolworth Building, which had remained vacant for over 40 years. Pentucket Bank purchased the fourth-floor space from building owners Harbor Place Bell/Merrimack Street Ventures LLC/Planning Office for Urban Affairs, Inc.
Pentucket Bank Plaza at Harbor Place is located directly across the street from the Bank’s Main Office Branch and office building at One Merrimack Street, anchoring Pentucket Bank on both corners of a gateway into Haverhill’s downtown district.
Pentucket Bank Once Again a Leader
in Next Round of PPP Processing
(Haverhill, MA) January 15, 2021 - Pentucket Bank has done it again, successfully submitting applications to the SBA on behalf of their customers before 8:00 a.m. Friday morning, once again establishing themselves as a leader in the PPP process. The SBA began accepting PPP loan applications from financial institutions on Friday, January 15th.
Pentucket Bank created a unique process for accepting PPP loan applications during the first round of funding in 2020, allowing the Bank to process loan applications with the SBA swiftly and efficiently. The process proved successful as the Bank processed over 400 PPP loans totaling $65 million in 2020, positively affecting over 6,000 local jobs within the first few weeks following the release of the program. Pentucket Bank updated this process in preparation for the current round of PPP funding, providing their customers with new checklists, loan calculators and other helpful resources. They began accepting applications from current PPP loan customers on Thursday, January 14th - in advance of the SBA opening its portal on the morning of January 15th.
“We notified customers at 1 p.m. Thursday that we were accepting applications. By this morning, we had 60 applications in,” said Stephen Jaskelevicus, SVP/Chief Credit Officer at Pentucket Bank. He continued, “We know our customers are anxious about funding running out, so we’re glad to be able to take that burden off of them. Our team was ready, and we’re proud to once again be ahead of the game on our customers’ behalf.”
Pentucket Bank is currently limiting requests for new PPP loans to existing Pentucket Bank deposit or loan customers. The Bank will continue to evaluate demand and may open up to new customers at a later date if capacity allows. For the most up-to-date information, visit our page regarding PPP loans.