Company Profile
- Northern Bancorp, Inc. (“Northern” or “the company”), headquartered in Woburn, MA, is a private, family-owned, $3.3 billion-asset bank holding company for Northern Bank & Trust Company (“the bank”), which operates a 12-branch network, largely in the northern suburbs of Greater Boston. Since inception in 1960, the company has primarily focused on organic growth with a limited appetite for M&A.
- With a focus on high-touch commercial relationships with small business entrepreneurs and operators, Northern has established a competitive niche and scale among restaurant franchisees, particularly within the quick service restaurant (“QSR”) segment. Notably, Northern has well-established, multi-loan relationships with Dunkin’ franchisees (25% of the loan portfolio).
- Given the bank’s distinct business lending niche, C&I loans, combined with OOCRE, represent 55% of total loans and reflects a geographically diverse footprint extending across 17…