2019 PBN Fastest Growing Companies: $75M and above
2. BayCoast Bank
CEO (or equivalent): Nicholas M. Christ
2018 Revenue: $86,110,000
2016 Revenue: $62,219,000
Revenue growth: 38.4%
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BAYCOAST BANK is one of the fastest-growing financial institutions of its kind in southern New England because its reach, which extends across two states, has grown larger.
Last year, Swansea-based BayCoast boasted a total of 18 locations in Rhode Island and Massachusetts. This year, it opened two more. “We added two branches so far in 2019, Berkley [in Massachusetts] in February and Cranston in March,” said Senior Vice President and Chief Marketing Officer Nicole M. Almeida. “The bank is expanding into new markets all the time, whether it be a full-service branch or a loan production office.”
The payoff for the expansion shows in the bank’s metrics between June 2018 and June 2019: Total assets increased 13.4%, total net loans grew 16.1%, core deposits climbed 9.4%.
Future plans include opening a new branch in Foxborough, Mass., by the end of the year, she said. “We also opened a new loan office in [Plymouth, Mass.] earlier this summer,” she said. “We have over 450 employees now across the organization, which encompasses BayCoast Bank, BayCoast Mortgage Co., BayCoast Financial Services, Partners Insurance Group, Plimoth Investment Advisors and Priority Funding.”
