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Norfolk/Wrentham - Local Town Pages

Wrentham Cooperative Bank Opens New Branch

Andrea DiLorenzo; Universal Banker, Amy Linehan;, Branch Manager Jennifer Silva; Assistant Branch Manager, Leslie Fitzpatrick; Universal Banker


Community Banking Comes to Norfolk
By Jane Lebak
On February 9th, Norfolk’s community saw the ribbon-cutting on its newest business: Wrentham Cooperative Bank.
Wrentham Cooperative has been a staple of the King Philip communities since 1901. A second branch opened in Wrentham in the 1990s, and the new Norfolk branch is the third. 
Scott Terrien, President and CEO of Wrentham Cooperative Bank, says, “We are the quintessential cooperative bank–a community bank–and our focus is on our customers.”
Not everyone is familiar with what it means to be a “cooperative” bank. Terrien explains, “A cooperative bank is a state chartered mutual bank. We are not a publicly traded bank. We’re here for the benefit of the depositors, not any shareholders. Every depositor is a voting member of the bank.” 
A state charter also means that in addition to FDIC insurance, the bank carries DIF insurance to secure all deposits in full.
From a products and services perspective, Wrentham Cooperative offers everything a commercial bank does. From savings and checking accounts, to small business accounts, to credit cards, to CDs and money market accounts, it’s all there. 
As far as homes are concerned, they offer mortgages, home equity lines of credit, and Mass Save® HEAT Loans. Wrentham Cooperative is especially skilled at working with first-time homebuyers.
“We can turn around loan decisions very quickly,” says Terrien. “All the decisions are made locally, and keeping everything in-house means we can stay incredibly competitive with our rates. Our loan officers are responsive. If you have a question, you’re dialing a local phone number, not a call center. After you close, we don’t sell our loans to other institutions, so you’ll probably be speaking with the same person who approved your loan.”
The new location is convenient to center Norfolk, right on the traffic circle near the commuter rail station and across from the library.
Wrentham Cooperative has seventeen employees. “We don’t just talk about understanding small businesses,” says Terrien, “We are a small business, so we understand what small businesses need.”
In the same way, Wrentham Cooperative doesn’t just talk about community–they understand the communities of Norfolk and Wrentham. Amy Linehan, Norfolk’s Branch Manager, says, “Pretty much every employee of the bank lives in Wrentham, Norfolk or the surrounding towns. I live locally, and all my kids went to KP. I see our customers around town, giving everyone a more personal banking experience rather than a corporate feel.”
The bank’s size makes it more nimble to handle the community’s needs. “When something happens, we can pivot faster,” says Terrien. “It’s not like turning a cruise ship.”
Also, boots on the ground means the bank can anticipate problems. Linehan says, “One of the great things about being in the KP community, especially with our employees being local, is we may know about events or situations before the wider public, so we know how to prepare or react.”
“Community” doesn’t only mean approving a first-time homebuyer for a mortgage. When the Lions Club held their “Holiday on the Hill,” Wrentham Cooperative was there, decorating a tree even though the branch wasn’t open yet.
The Wrentham Cooperative app keeps customers in touch with their accounts 24/7, from anywhere in the world. Terrien says, “With online banking and mobile check deposit, our customers don’t need to stay local. If someone wants to use an ATM in another state, for example, we don’t charge a fee to use that ATM. It’s our way of making you feel close to home even when you’re far.”
Amy Linehan says, “With the small bank experience, you’re a person. We care about which products suit your needs rather than whatever corporate requires us to sell. Our only ‘quota’ is how many customers we’ve helped, not what looks good on a report tomorrow.”
Terrien agrees. “Being a community-oriented bank is not just about the financial support. It’s about being in the community and part of the community. We can only be successful if our community is successful.”
To learn more about cooperative banking, visit or stop by your local Wrentham Cooperative branch today.