Fast 50

What is the Fast 50?

The Fast 50 ranks the 50 fastest-growing loan providers in New Hampshire, including mortgage and financial companies, banks, credit unions and other financial institutions. Rankings compare the number and volume of loans from Jan. 1 through June 30, 2021, to the number and volume from the same timeframe in 2022. Rankings include purchase and non-purchase loans. Commercial rankings had a minimum of three loans and a minimum of $1 million in loan volume in both 2019 and 2020. Residential rankings had a minimum of five loans a minimum of $2 million in volume in both 2021 and 2022. Residential includes one- to four-families and condominiums. All rankings are statewide. All data is sourced by The Warren Group from public records, which may contain errors. For more information please contact Data Solutions at 617-896-5365.

Out-of-State Banks Muscle in on Local Markets

Massachusetts, Maine Lenders Lead List of Fastest-Growing Firms

By Scott Van Voorhis
Special to The Registry Review

Banks in New Hampshire and New England are facing fresh headwinds as an uncertain economy, rising interest rates and inflation take a toll on both the residential and commercial sides of the lending ledger. 

Nonetheless, the first half of 2022 was a strong one for banks cutting residential and commercial lending deals across the state, with a mix of small and mid-sized banks and a few giants as well posting strong growth numbers. 

A mix of out-of-state lenders, including from Maine and Massachusetts, along with some Granite State banks, posted some of the strongest growth numbers during the first six months of 2022, according to data from The Warren Group, publisher of The Registry Review, analyzed as part of this newspaper’s annual Fast 50 analysis of the fastest-growing lenders statewide. 

Curtis Simard, CEO of Bar Harbor Bank & Trust, credited a strong lending team with decades of experience was behind the bank’s surge in commercial loan deals during the first half of 2022. 

The Maine-based bank came in at No. 4, with its commercial loan volume in New Hampshire posting a more than nine-fold increase over the first half of 2021, jumping to more than $95 million, up from just over $10 million previously. 

“I have been lending in the commercial space, and in particular Northern New England and larger New Hampshire for 30 years,” Simard said. “We have thick rolodexes.”  

Strength in ‘Diversity’ of Loan Deals 

Bar Harbor’s Simard said the bank did not zero in on any particular business sector, but dealt across the spectrum, from memory care facilities to grocery store renovations and new apartment buildings. The bank also helped finance the retrofit of older buildings by manufacturers looking to set up shop as well. 

“Diversity is a good weapon,” he said. 

Who are New Hampshire’s fastest-growing lenders of 2022? See our rankings here.

Kevin Rourke, a senior vice president and head of commercial banking at Massachusetts’ Salem Five, said the bank has gotten a big boost form its involvement in a syndicate of lenders providing financing for a $1 billion redevelopment of the old Rockingham Park racetrack in Salem. 

The 170-acre Tuscan Village project, now moving into its second phase, features 2.8 million square feet of shops, hotels, apartments, offices and restaurants. 

At No. 9, Salem Five saw its commercial lending in New Hampshire quadruple in the first half of 2022, rising to over $24 million. 

Warehouse and industrial deals were another strongpoint for the bank. 

“It was a nice increase for us,” Rourke said. 

Connections and deep experience in the New Hampshire market were also key in driving the increased loan volume, bank executives said. 

Salem Five says its top New Hampshire loan officer has a long history in the local market, while Bar Harbor says its chief credit officer and two other senior lenders are currently based in New Hampshire. 

The bank is also interviewing to fill a couple more positions as well. 

“We have real decision makers on the ground,” Simard said. 

The Leaderboard 

Overall, Bank of America saw the biggest jump in commercial lending activity in the first half of 2022, both percentage-wise, and in total volume, crossing the $500 million mark, up from $14.6 million during the same period in 2021, Warren Group stats show. 

Massachusetts’ Rockland Trust Co. came in at No. 2, having inked $23.6 million in commercial loans during the first half of 2022, up from $1.2 million the year before. 

Rhode Island’s Citizens Financial Group weighed in at No. 3, inking more than $61 million in commercial loans through the first half of 2022, up from $5.2 million in 2021 

The New Hampshire Housing Finance Authority and Massachusetts-based HarborOne Mortgage Co. rounded things out at No. 5 and No. 6, with NHFA jumping to $75.8 million, up from $11.8 million, while HarborOne did over $29 million in deals, up from $5.2 million, according to The Warren Group. 

Residential Lenders Also See Growth 

Rising interest rates have put a damper on home sales across the country. 

However, the first six months of 2022 saw a number of banks ramp up their residential lending. 

Holy Rosary Credit Union, which has branches in the Rochester/Dover area, posted the biggest percentage gains, with residential lending topping $11.3 million in the first half of 2022, up from $2.7 million last year. 

Boston-based Eastern Bank, which came in at No. 2, saw big gains, both percentage-wise and in overall volume. 

The bank nearly tripled its residential loan volume, to $92 million, up from $33 million the year before. 

Massachusetts’ Pentucket Bank and Metro Credit Union, plus Ohio’s Key Bank, rounded out the top five. 

“Homeownership and helping a broad range of real estate developments to grow, including multifamily and all types of commercial, industrial and retail development, are some of the most effective ways to help families, individuals and business owners build long-term wealth,” said Matthew Osborne, executive vice president and senior commercial banking officer at Eastern Bank, in a statement. 

Residential Volume of Loans
Rank Lender Name 2022 Volume 2021 Volume Percent Change
1 Holy Rosary Credit Union $11,386,700  $2,767,825  311%
2 Eastern Bank $92,095,040  $32,957,121  179%
3 Pentucket Bank $39,321,625  $17,053,494  131%
4 Metro Credit Union $17,493,500  $7,642,950  129%
6 Key Bank, N.A. $11,775,743  $5,187,719  127%
7 Reverse Mortgage Funding LLC $11,117,200  $4,963,350  124%
5 Shamrock Home Loans $6,505,027  $2,984,900  118%
8 UBS BANK USA $14,769,000  $6,996,768  111%
9 Paramount Residential Mortgage Group Inc. $10,004,733  $4,830,574  107%
10 Partners Bank $20,993,500  $10,216,913  105%
11 American Advisors Group $23,532,991  $11,783,580  100%
12 Baycoast Mortgage Co. $10,213,161  $5,130,750  99%
13 Bay Equity LLC $21,236,375  $11,389,926  86%
14 PNC Bank $8,173,967  $4,497,786  82%
15 Camden National Bank $24,497,572  $13,735,955  78%
16 M&T Bank, N.A. $7,799,606  $4,389,573  78%
17 RTN Federal Credit Union $5,032,250  $2,958,163  70%
18 Kennebunk Savings Bank $24,755,353  $15,065,350  64%
19 Discover Bank $4,903,231  $3,004,007  63%
20 First Republic Bank $24,902,604  $15,910,651  57%
21 Residential Capital $3,511,849  $2,274,346  54%
22 Everett Fncl Inc. dba Supreme Lending $21,593,679  $14,996,953  44%
23 First Bank Inc. $4,388,600  $3,123,461  41%
24 Citicorp Mortgage Inc. $9,997,978  $7,162,408  40%
25 Enterprise Bank & Trust Co. $51,187,106  $36,989,424  38%
Residential Number of Loans
Rank Lender Name 2022 Number 2021 Number Percent Change
1 Holy Rosary Credit Union 76 20 280%
2 PNC Bank 27 14 93%
3 M&T Bank, N.A. 34 18 89%
4 American Advisors Group 37 21 76%
6 Shamrock Home Loans 19 11 73%
7 Paramount Residential Mortgage Group Inc. 30 19 58%
5 First Bank Inc. 14 9 56%
8 Provident Bank 21 14 50%
9 Baycoast Mortgage Co. 23 16 44%
10 UBS BANK USA 17 12 42%
11 Bay Equity LLC 60 44 36%
12 Athol Savings Bank 8 6 33%
13 First Republic Bank 25 19 32%
14 Residential Capital 14 11 27%
15 Discover Bank 44 35 26%
16 RTN Federal Credit Union 20 16 25%
17 Service Credit Union 692 555 25%
18 Everett Fncl Inc. dba Supreme Lending 71 57 25%
19 Enterprise Bank & Trust Co. 100 82 22%
20 Rockland Trust Co. 21 18 17%
21 GFA Federal Credit Union 38 33 15%
22 OnTo Mortgage 8 7 14%
23 Workers Credit Union 37 33 12%
24 New Hampshire Community Loan Fund 48 43 12%
25 Reverse Mortgage Funding LLC 12 11 9%
Commercial Volume of Loans
Rank Lender Name 2022 Volume 2021 Volume Percent Change
1 Bank of America, N.A. $505,922,398  $14,634,765  3357%
2 Rockland Trust Co. $23,685,183  $1,289,000  1737%
3 Citizens Financial Group $61,018,644  $5,200,150  1073%
4 Bar Harbor Bank & Trust $95,540,550  $10,064,168  849%
6 NHFA $75,891,685  $11,824,602  542%
7 HarborOne Mortgage $29,200,948  $5,205,988  461%
5 Fairway Independent Mortgage $3,304,320  $765,718  332%
8 First Seacoast Bank $37,136,302  $8,817,550  321%
9 Salem Five Bank $24,322,260  $6,201,092  292%
10 Bay Colony Development Corp. $3,629,000  $1,029,000  253%
11 Mascoma Bank $79,479,770  $22,755,300  249%
12 Mortgage Research Center $3,331,837  $1,058,995  215%
13 Partners Bank $3,358,750  $1,143,250  194%
14 Bangor Savings Bank $20,204,130  $7,115,900  184%
15 Service Credit Union $71,538,944  $28,306,761  153%
16 Franklin Savings Bank $33,000,571  $13,541,666  144%
17 Caliber Home Loans $1,612,201  $725,993  122%
18 Eastern Bank $63,090,250  $29,089,582  117%
19 Draper and Kramer Mortgage Corp. $1,382,950  $693,125  100%
20 Union Bank $14,011,578  $7,268,415  93%
21 Amerisave Mortgage Corp. $1,942,874  $1,008,154  93%
22 Passumpsic Savings Bank $1,842,498  $967,056  91%
23 Camden National Bank $57,572,500  $30,446,000  89%
24 E Mortgage Management  LLC $2,998,207  $1,651,090  82%
25 Northern Bank & Trust $18,522,980  $10,388,000  78%
Commercial Number of Loans
Rank Lender Name 2022 Number 2021 Number Percent Change
1 Partners Bank 54 3 1700%
2 Rockland Trust Co. 34 3 1033%
3 Mortgage Research Center 23 5 360%
4 Lakeview Loan Servicing LLC 23 7 229%
6 Bay Colony Development Corp. 9 3 200%
7 Bellwether Community Credit Union 9 3 200%
5 Caliber Home Loans 7 3 133%
8 Franklin Savings Bank  46 22 109%
9 Camden National Bank 23 11 109%
10 Amerisave Mortgage Corp. 7 4 75%
11 Cambridge Trust Co. 7 4 75%
12 Cross Country Mortgage Inc. 11 7 57%
13 Bangor Savings Bank 30 20 50%
14 E Mortgage Management  LLC 9 6 50%
15 Bar Harbor Bank & Trust 38 26 46%
16 Enterprise Bank & Trust Co. 61 42 45%
17 Eastern Bank 33 23 43%
18 Bank of America, N.A. 10 7 43%
19 Citizens Financial Group 18 13 38%
20 Fairway Independent Mortgage 4 3 33%
21 Northern Bank & Trust 4 3 33%
22 Northmark Bank 4 3 33%
23 Granite State Credit Union 9 7 29%
24 Digital Federal Credit Union 9 7 29%
25 Radius Financial Group 5 4 25%

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