Danvers Bancorp, Inc. · Danvers, MA United States · (NASDAQ (GS): DNBK)
Company Description
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This link will open in a new window Danvers Bancorp is the holding company for Danversbank, which serves eastern Massachusetts from about 30 branches. Founded in 1850, the bank offers deposit services such as checking and savings accounts, in addition to loan services targeted to both consumers and businesses. Commercial and industrial loans dominate its loan portfolio, followed by commercial mortgages, residential mortgages, and construction loans. Wealth management services are offered through an arrangement with Raymond James Financial . In 2009, Danvers Bancorp acquired Beverly National Bancorp and its eight Beverly National Bank locations in a $62 million stock swap. Beverly National was merged into Danversbank in early 2010. To read the full description, subscribe now.
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Key Danvers Bancorp, Inc. Financials
| Company Type | Public - NASDAQ (GS): DNBK Headquarters |
| Fiscal Year-End | December |
| 2009 Employees | 402 |
Danvers Bancorp, Inc. Executives
26 executives listed for Danvers Bancorp, Inc.'s Danvers, MA location.
| Title | Name & Bio | Contact |
| Chairman, President, and CEO | Kevin Bottomley | |
| EVP, COO, and Director | James McCarthy | |
| EVP and CFO | L. Mark Panella |
Competition
Competitive Landscape for Danvers Bancorp, Inc.
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top Danvers Bancorp, Inc. Competitors
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