PBN FASTEST GROWING COMPANIES 2020 $75M AND ABOVE
4. BAYCOAST BANK
CEO (or equivalent): Nicholas Christ
2019 Revenue: $110 million
2017 Revenue: $80.7 million
Revenue growth: 36.3%
SWANSEA-BASED BAYCOAST BANK, while well-known in southeastern Massachusetts, is expanding its footprint in Rhode Island.
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Chief Operating Officer James Wallace said BayCoast Bank is working on new branches in Middletown and Bristol, plus expanding its loan office in Providence. BayCoast currently has branches in Cranston, Tiverton and Little Compton.
Bank revenue has grown as well, by 36.3%, said BayCoast Chief Finance Officer Marie Pellegrino, from $80.7 million in 2017 to $110 million in 2019. The bank also offers services beyond consumer banking, thanks to affiliates BayCoast Financial Services, Partners Insurance Group, BayCoast Mortgage Co. and Plimouth Investor Advisors.
The COVID-19 pandemic has accelerated a switch to online banking, and new developments such as interactive teller machines. But the bank kept the drive-up lanes open at its branches and offered appointments for people who had to see a banker in person. Now the branches are open, although hours are limited.
While senior management continued working at the Swansea offices, initially almost 75% of the bank’s approximately 500 employees were working from home.
