Belmont Savings Bank to open branch inside Waltham Shaw's store

By Jaclyn Reiss, Town Correspondent

Belmont Savings Bank yesterday announced a partnership with Shaw’s Supermarket to open an in-store branch at the grocery store's 1070 Lexington Street location in Waltham.

The target open date for the new in-store branch is May 1, according to prepared remarks from the bank.

This branch, which represents Belmont’s first expansion in a decade, will be a full service bank and the company's first Waltham location.

The branch will have five staff members, a business banking officer, two ATMs, and a night deposit drop off for businesses.

The new location will be open six days per week with extended hours: Monday through Friday, 10 a.m. to 7 p.m., and Saturday, 10 a.m. to 5 p.m.

Bob Mahoney, president and CEO of Belmont Savings Bank, said he was proud to be partnering with the New England-headquartered grocer.

“In today’s world, convenience and technology matters, and that is why we’ve been able to grow - we combine local service with all the same online banking of a large bank, allowing our customers to bank with us when and where it works for them," he said.

During the bank’s conversion from a mutual bank to a stock-ownership holding company last summer, branch growth was listed in the bank’s prospectus.

The Waltham announcement brings the total number of branches in the Belmont-Watertown-Waltham area to five.

Hal Tovin, Belmont Savings Bank's chief operating officer, pointed to the in-store branch as the next logical step for the bank, and said the company is excited to expand into the Waltham marketplace.

“"A key component of Belmont Savings Bank’s growth has been its partnerships with community businesses," Tovin said. "In doing our first partnership with Shaw’s, we will be able to reach to 16,000 potential prospects each week.”

Shaw's President Mike Stigers said he looks forward to the partnership.

“As a neighborhood grocer, Shaw’s is committed to delivering a quality shopping experience to meet the needs of our local community,” said Stigers. “Working with local companies is important to us, which is why we are partnering with Belmont Savings Bank, a community bank that we know will be an invaluable service to our customers."

Shaw’s is one of the oldest continuously operated supermarkets in the United States with roots dating to 1860. Throughout five New England states, there are 169 store locations employing approximately 21,000 associates.

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Jaclyn Reiss can be reached at jreiss.globe@gmail.com