This blog post contains the transcription of a free virtual Lunch & Learn we hosted in August 2025 titled, “Partnering with the Right Local Business Bank.” You can view all of our upcoming webinars here.

Local Banking Tips

Who are the Top Experts to Know?

Julia Boutchie is an Assistant Vice President of Retail Banking at Hingham Institution for Savings, where she focuses on identifying and cultivating business banking opportunities, strengthening client relationships, and supporting the financial goals of a diverse range of commercial and professional clients. With over 10 years of experience in the banking industry, Julia brings a strong background in business development, relationship management, and strategic growth. Julia earned a Bachelor of Science in Business Administration from Southern New Hampshire University and will begin pursuing an MBA in Leadership from SNHU in August 2025. Known for a consultative approach and commitment to client success, Julia delivers tailored banking solutions that drive growth and long-term value.

Itamar Chalif is a widely regarded business leader, best known for his aggressive, pragmatic and effective approaches to enterprise financing and strategy. The business community also values Itamar’s construction of collaborative networks within New England to develop synergies among business leaders and advisors. In 2010, Itamar was recruited by Rockland Trust to help build on the Bank’s expanding services to its business customers. By merging his expertise with the strength and commitment of Rockland Trust, he is now better positioned to address his clients’ needs. In addition to providing traditional banking services, he still takes the time necessary to understand his clients’ objectives, and create bank and nonbank support teams to aid their strategic positioning and operations. Itamar generously shares his expertise with clients and colleagues. He is a speaker, writer and respected counsel to the business community. He is a valued resource to business owners and leaders as they consider business financing alternatives to meet the needs of their companies and customers.

Heidi VonAsch is an AVP Branch Manager at Brookline Bank Ipswich. With more than two decades of banking experience, Heidi oversees the management at the office and assists customers with their financial needs. As an active member of her community, Heidi is involved with Success Builders, Working Women’s Alliance, Toys for Tots, Arlington Food Pantry, and Read to A Child Mentoring. She also previously owned a business for 25 years.

Overview

Choosing the right banking partner is one of the most foundational steps a small business can take. Whether you’re opening your very first business bank account or considering switching from a national to a local bank, the financial institution you work with should be more than just a place to store money—it should be a long-term partner in your growth.

During a recent Massachusetts Business Network webinar, several experienced Massachusetts-based business bankers came together to share insights into what small business owners should look for when choosing a local bank. Here’s what they had to say.

Why Local Banks Are Often the Better Choice

Local community banks offer distinct advantages that national banks often lack. Chief among them is the relationship-building component. Local bankers focus on getting to know their customers, understanding the ins and outs of their businesses, and offering direct support. Rather than dialing into a customer service hotline, business owners can call or email their banker directly and receive a quicker, more personalized response.

In addition to better service, local banks typically offer more flexibility. They have teams that understand your market and can help guide you through everything from setting up an account to adjusting services as your business evolves. Plus, decisions—especially regarding lending—are made locally, not by someone in another state who may not understand the local economy or your industry.

Face-to-face interactions are also easier with community banks, which often have physical branches nearby. Whether you’re seeking advice or need help resolving an issue, being able to walk into a branch and speak to someone who knows you can be a huge advantage.

What to Look for in a Banking Partner

Choosing the right bank starts with understanding your own needs. For example, if your business handles cash regularly, you’ll want a bank with a nearby branch. If you prefer digital operations, you’ll need one with strong online banking capabilities.

It’s also important to evaluate the bank’s financial health and long-term stability. Business owners should ask questions about the bank’s history, any recent acquisitions, and its plans for growth. Acquisitions, in particular, can impact the services a bank offers. For example, if a smaller bank with experience in specific industries is bought by a larger institution that doesn’t support those industries, customers may be forced to find a new bank quickly.

Business owners should also assess the bank’s investment in technology and cybersecurity. With digital threats on the rise, it’s essential that your bank is proactively protecting your accounts and information.

Lastly, ask whether the bank offers transparency around fees, account minimums, and service limitations. This helps ensure you’re not caught off guard by unexpected costs as you grow.

Services and Accounts for New Businesses

When starting a new business, it’s common to begin with a basic checking account and add additional services over time. Banks can help guide you through which products may be needed as your operations expand—whether that’s ACH payments, wire transfers, QuickBooks integrations, or multi-user online access.

It’s important to have a conversation with your banker about how you plan to use the account so they can recommend tools that align with your operations. For example, if you plan to send frequent wire transfers, the bank’s wire fee structure becomes a critical factor.

Understanding the bank’s limits on mobile deposits, transaction thresholds, and customer support availability can also help you make a more informed decision.

When to Consider Switching Banks

Many business owners stay with their bank simply because it feels easier than switching. But waiting until there’s a problem can lead to disruptions in daily operations.

If your current bank no longer meets your needs, if service has declined, or if you feel disconnected from your banker, it might be time to make a change. Switching banks can be a smooth process when approached proactively. The best banks will work closely with you to transfer deposits, integrate accounting systems, and minimize operational impact. In many cases, business owners keep both their old and new accounts open during the transition to ensure a seamless switch.

How a Local Bank Can Support Long-Term Growth

A strong banking relationship doesn’t just serve your needs today—it should grow with your business. That means having a banker who understands your evolving goals, anticipates your future needs, and connects you with the right resources at the right time.

Some banks operate in silos, assigning different bankers depending on the size of your business or loan amount. Others take a more holistic approach, ensuring consistency and trust as your business scales.

A strong banker is also a valuable advisor—sharing insights from working with other businesses and helping you avoid common missteps. When questions arise, they can tap into a broader team of specialists—from commercial lenders to cash management experts—ensuring you get answers and support quickly.

What You’ll Need to Open a Business Bank Account

To open a business account, you’ll need documentation proving your business is legally established. This often includes your business license, certificate of incorporation or organization, and your EIN (Employer Identification Number). Depending on your entity type—LLC, sole proprietorship, partnership, or corporation—your required documents may vary.

If you’re unsure what you need, a local banker can guide you through the process or connect you with professionals who help entrepreneurs get started.

Added Value from Local Business Banks

Many community banks offer unique benefits designed specifically for small businesses. These may include:

• No monthly maintenance fees or minimum balance requirements
• DIF insurance coverage for deposits beyond FDIC limits
• Free business education programs and financial literacy resources
• Partnerships with local organizations for funding or support
• Strong referral networks for accountants, attorneys, and consultants
• Local community involvement, including volunteer work and donations

Community banks are often deeply embedded in local business networks, making them great connectors for other resources you might need.

Final Advice: Prioritize Relationships Over Rates

When choosing a business bank, prioritize long-term relationships over short-term incentives. A temporary promotional rate or flashy perk won’t matter if the support and services aren’t there when you need them.

Work with a bank that takes the time to understand your needs and only recommends the products and services that truly serve your business. And just as importantly, choose a banker you feel comfortable with—someone who can act as a resource, offer guidance, and help you grow.

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