History

Founded in 1855 to serve the needs of our community.

From the beginning, BankFive has been dedicated to serving the people and businesses in our communities. Our goal is to ensure that all of our Massachusetts and Rhode Island neighbors have a chance to improve their financial well-being.

BankFive: A Legacy of Community Commitment

Chartered on April 10, 1855, as the Fall River Five Cents Savings Bank, BankFive was one of the first Five Cent Savings Banks in America. At a time when most banks required a minimum deposit of $1 to open an account, we lowered the barrier to just five cents, making banking accessible for many factory workers in our community. We officially opened our doors on January 1, 1856, at 79 North Main Street in Fall River, Massachusetts, where our Main Office still stands today. Throughout our history, we have navigated depressions, recessions, wars, and even the great textile strike of 1904, consistently paying at least one dividend every year.

In 1914, we temporarily relocated across the street while renovations were made and returned to our original site in October 1915. On September 2, 1931, we established Savings Bank Life Insurance (SBLI), becoming the 21st bank to issue their policies in November of that year.

Our first branch opened at 1501 South Main Street in Fall River on May 3, 1972. This was followed by our second branch in the Flint section of Fall River at 1301 Pleasant Street on May 30, 1974. A third branch opened at 4548 North Main Street in 1976 but later closed. On February 2, 1976, we opened our fourth branch in the Swansea Mall, which was later moved to a standalone location at 497 Milford Road in Swansea in 2004.

BankFive’s fifth branch, located at the intersection of President Avenue and Elsbree Street in Fall River, opened on January 27, 1978, and our sixth branch debuted on November 1, 1988, at 927 County Street in Somerset, Massachusetts. Both of these branches were relocated in the spring of 2011.

North Dartmouth welcomed our seventh branch in December of 1998, and we rounded out the 20th century with the construction of our operations center at 85 North Main Street in Fall River in 1999.

In 2007, we strengthened our SouthCoast presence by acquiring Luzo Community Bank, adding branches on Acushnet Avenue and County Street in New Bedford. That same year, we also opened our Fairhaven branch and an "Express" branch in Fall River.

In 2011, we established a charitable foundation with the Community Foundation of Southeastern Massachusetts, reaching a $1 million goal by 2015. The BankFive Foundation Fund has since provided essential financial support through grants to local schools and organizations serving low- and moderate-income households.

In 2014, we opened our first Rhode Island branch at 590 Metacom Avenue in Bristol, along with a Loan Production Office in Cranston, RI. Then, in 2015, we celebrated our 160th anniversary with a new logo and community celebrations which included free gas giveaways, gift cards for local coffee shops, and gift baskets for first responders.

In late 2018, we opened a second Loan Production Office in Woburn, Massachusetts, which was later relocated to Lynnfield in 2024. We also opened a Mortgage Office in Wrentham in early 2020 and another Loan Production Office in Hyannis in 2021.

In 2022, in collaboration with the SouthCoast Community Foundation, we launched the President’s Scholarship Fund, honoring past presidents and CEOs. With a $1.2 million allocation from our Board of Directors, this fund provides scholarships to students from BankFive communities pursuing higher education, with the first award given in 2023.

In 2023, we acquired a Westport Lending Office, and in 2024 we transformed it into our first Digital+ Branch, with comprehensive in-person services alongside the option for ITM or video conference consultations. In September 2024 we relocated our Cranston Loan Production Office to Warwick, RI and turned it into our second Digital+ Branch. In 2024 we also acquired 141 North Main Street, a building right next door to our Main Office in Fall River. This location is currently serving as a temporary branch during the renovation of our corporate headquarters. The major transformation of both our 79 and 85 North Main Street buildings is set to debut in 2025. 

For nearly 170 years, BankFive has remained committed to bringing affordable financial solutions and products to our Massachusetts and Rhode Island neighbors and investing financial and volunteer support to local organizations. We look forward to the future and remain Steadfast in our commitment to our customers, employees, and communities.