Watertown Savings Bank stays rooted in community through changing times

Watertown Savings Bank’s Waltham Center branch is marking 25 years in the heart of downtown this week, highlighting the role of neighborhood banking as Waltham shifted away from its industrial origins toward a more mixed economy anchored by nearby colleges, tech firms, medical providers and professional offices.

Founded in 1875, Watertown Savings Bank is one of Massachusetts’ oldest and largest mutual savings banks. Its Waltham Center branch opened on May 14, 2001, at 6 Lexington St. near Moody Street and City Hall, establishing a foothold in a historic and economically diverse city center. Bank officials say the branch has served thousands of customers from Waltham and surrounding communities over the past two decades, navigating economic cycles, regulatory changes and rapid advances in banking technology. 

In an era when many banks rout customer relationships through distant call centers, Watertown Savings Bank has remained focused on in-person service and local decision-making, where customer deposits are recirculated into mortgages, small-business loans and community investments.

“As community banking continues to evolve, we’re still guided by the same principles that were in place when this branch opened in 2001 — local relationships, responsive service and a commitment to helping customers and communities thrive,” the bank’s president and CEO Brett Dean said. The branch’s managers noted that while customers have adopted online and mobile tools, many still come into the office for advice on mortgages, business lending and long-term financial planning.

Assistant Vice President and branch manager David DeMarco, who has worked in branch banking for 47 years, said that “while the mechanics of branch banking have changed greatly in my 47 years working in it, what hasn’t changed is the importance of the human connection.”

DeMarco said staff members pride themselves on knowing customers by name, understanding local businesses and being accessible when financial questions arise. That approach, he added, is especially important for older residents who may rely on in-person transactions. Small-business owners value the ability to sit down with a banker who understands the Waltham market, he said.

The Waltham Center branch contributes to the vitality of downtown by supporting local commerce and maintaining a visible, neighborhood-based presence. The branch operates during weekday and Saturday hours, complementing the bank’s other Waltham branch at Market Place Drive and its main office in Watertown.

Waltham organizations appreciate Watertown Savings Bank as a cornerstone of local support —– a visible presence at many charitable events and initiatives. “It’s all part of a broader emphasis on being a mutual community bank that does not answer to shareholders,” Dean said. We are about “banking built on relationships.”