Northern Bancorp, Inc. (“Northern” or “the company”), headquartered in Woburn, MA, is a private, family-owned, $3.2 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 52% of total loans. The portfolio reflects a geographically diverse footprint extending…
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