Question 1

What is BankFive?

Accepted Answer

BankFive is a community-focused savings bank serving customers throughout Massachusetts and Rhode Island. Operating under the legal name Fall River Five Cents Savings Bank, the institution has evolved from its modest 19th-century origins into a modern financial services provider. With approximately $1.88 billion in total assets and 19 offices, BankFive specializes in personal and business banking while maintaining strong ties to the communities it serves.

The bank operates as part of a mutual holding company structure under BankFive, MHC, emphasizing its commitment to customer interests over shareholder profits.

Question 2

When was BankFive founded?

Accepted Answer

BankFive was chartered on April 10, 1855, as the Fall River Five Cents Savings Bank, making it one of the first Five Cent Savings Banks in America. The bank officially opened its doors on January 1, 1856, at 79 North Main Street in Fall River, Massachusetts—the same location where its main office stands today.

The bank was founded by S. Angier Chace, Hale Remington, Walter C. Durfee, James Buffinton, E.P. Buffinton, B.H. Davis, Asa P. French, and Alvan S. Ballard. At a time when most banks required a minimum deposit of $1 to open an account, the founders lowered the barrier to just five cents, making banking accessible to factory workers and working-class families in the industrial textile community of Fall River.

Throughout its history, BankFive has navigated depressions, recessions, wars, and the great textile strike of 1904, consistently paying at least one dividend every year. In 2005, the bank reorganized into a mutual holding company structure, transitioning from a purely mutual institution while maintaining its community-focused mission.

Question 3

Where is BankFive headquartered?

Accepted Answer

BankFive is headquartered in Fall River, Massachusetts, at 79 North Main Street. The bank recently unveiled a multimillion-dollar renovation of its historic corporate headquarters in April 2025, celebrating its 170th anniversary.

The reconstructed headquarters features a sleek modern exterior, a bright and welcoming lobby, and enhanced workspaces. Portions of the building date back to the early 1900s, blending the bank's rich history with modern technology and design. The bank also acquired the adjacent building at 141 North Main Street to serve as a temporary branch during renovations and to provide convenient customer parking and drive-up interactive teller machine (ITM) access.

Question 4

Where does BankFive operate?

Accepted Answer

BankFive operates 13 branch locations and 4 lending offices throughout southeastern Massachusetts and Rhode Island. The bank's primary market is the Providence-Warwick, RI-MA metropolitan statistical area, with a strong presence in Bristol County, Massachusetts.

In Massachusetts, BankFive serves Fall River, New Bedford, Dartmouth, Somerset, Swansea, Fairhaven, Westport, and surrounding communities. The bank expanded into Rhode Island in 2014, opening its first branch in Bristol, followed by locations in Warwick and lending offices across the state.

BankFive also operates Bank5 Connect, its nationally available online banking division, which serves customers across the United States with high-yield savings accounts, certificates of deposit, and checking accounts.

Question 5

What services does BankFive offer?

Accepted Answer

BankFive provides a comprehensive range of banking services for both personal and business customers. Personal banking services include checking and savings accounts, certificates of deposit, individual retirement accounts, home mortgages, home equity loans, personal loans, and auto loans.

Business banking offerings include business checking and savings accounts, commercial real estate loans, commercial lines of credit, and merchant services. The bank has specialized lending expertise, including financing for the local fishing industry.

Digital Banking: BankFive offers robust digital banking platforms, including online banking accessible 24/7, mobile banking apps for iOS and Android, mobile check deposit, bill pay services, Zelle person-to-person payments, and video banking consultations. The bank provides SavvyMoney credit score access, secure chat with customer service representatives, and card management controls for debit cards.

In 2024, BankFive introduced innovative Digital+ Branches in Westport and Warwick, which combine comprehensive in-person services with interactive teller machines (ITMs) for video conference consultations, offering extended access beyond traditional banking hours.

The bank also operates Bank5 Connect, its online banking division, which has been recognized as one of America's top-rated online banks by Forbes Advisor, Bankrate, and NerdWallet, offering competitive rates on savings products and exceptional customer service.

Question 6

What makes BankFive unique?

Accepted Answer

170 Years of Community Banking: BankFive's remarkable longevity—operating continuously since 1856—demonstrates exceptional stability and commitment to its community. The bank has paid dividends every single year throughout its history, including through economic depressions, wars, and financial crises.

Deposit Insurance Beyond FDIC: BankFive offers 100% deposit insurance through a combination of FDIC coverage and the Depositors Insurance Fund (DIF), providing protection even beyond the standard $250,000 FDIC limit. This makes the bank particularly attractive for customers with larger deposit balances.

Dual Banking Model: The bank successfully operates both traditional brick-and-mortar branches with deep community roots and Bank5 Connect, a nationally competitive online banking platform. This hybrid approach allows BankFive to serve both local customers who value in-person relationships and digital-first customers nationwide who seek competitive rates.

Innovative Branch Design: BankFive's Digital+ Branches represent a forward-thinking approach to banking, combining traditional branch services with ITM technology for extended hours and flexible service delivery. These locations reflect the bank's commitment to blending its historic values with modern innovation.

Community Investment: The BankFive Foundation Fund, established in 2011 with the Community Foundation of Southeastern Massachusetts, reached its $1 million goal by 2015 and continues to provide essential financial support through grants to local schools and organizations serving low- and moderate-income households.

Question 7

What type of financial institution is BankFive?

Accepted Answer

BankFive is a state-chartered mutual savings bank organized under a mutual holding company structure. This structure means the bank is owned by its depositors rather than outside shareholders, allowing it to prioritize customer interests and community needs over maximizing profits for external investors.

As a savings bank, BankFive historically focused on accepting deposits and providing mortgage loans, though it has expanded to offer a full range of consumer and commercial banking services. The mutual holding company structure, established in 2005 with BankFive, MHC as the parent company, provides operational flexibility while preserving the mutual ownership model.

The bank is regulated by the Massachusetts Division of Banks at the state level and the Federal Deposit Insurance Corporation (FDIC) at the federal level. BankFive's deposits are insured by the FDIC and, for amounts exceeding FDIC limits, by the Depositors Insurance Fund.

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