Bank News

Steven Richardson Elected Chairman of Charles River Bancorp, MHC and Charles River Bank

Steven M. Richardson, Chairman of Charles River Bancorp, MHC and Charles River Bank

At the recent Special Annual Meeting of trustees and corporators of Charles River Bancorp, MHC, the holding company of Charles River Bank, Steven M. Richardson of Medway, MA was elected Chairman of the Board of Directors. He replaces Pia Brunelli Jarrett who has held this role since 2017.  Richardson has been a member of the Bank’s Board of Directors since 1992 and has served on the Bank’s Security Committee, Asset/Liability Committee (ALCO), and Audit Committee for various terms throughout his tenure.

“Steve has extensive accounting knowledge and has been an integral member of the Charles River Bank’s Board of Directors for decades.  His expertise will be a great asset to the board and the Bank as he begins his new role as Chairman,” stated Jarret.

Richardson is the Founder and Managing Shareholder of Richardson & Company, PC, and President of Richardson Financial Services, Inc., located in Medway, MA. He is a licensed Certified Public Accountant and holds numerous Securities Licenses.  He is a member of the American Institute of Certified Public Accountants, the Massachusetts Society of Certified Public Accountants, and the Tax Division of the American Institute of Certified Public Accountants.  Richardson earned a BS in Accounting from Bentley University.

A native of Medway, MA, Richardson has been active as a volunteer with youth sports programs and in many community fundraising efforts.  He led the fundraising activities for the Town of Medway’s 300th Anniversary celebrations, and as a long-time active member of St. Joseph Parish in Medway, Steve and his wife Janice played a key role in fundraising for the retirement of the debt incurred to build the Parish Center.

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Important information about deposit insurance at Charles River Bank

Effective March 17, 2020, The Co-operative Central Bank (CCB) and its Share Insurance Fund (SIF) have merged into the Depositors Insurance Fund (DIF). As a result of this merger, all co-operative banks, including Charles River Bank will now become members of the DIF. The deposit insurance coverage for amounts above the FDIC limit shall now be provided by the DIF.

Importantly, this merger does not change the amount of deposit insurance coverage provided to depositors of co-operative banks. All deposits at Charles River Bank and other Massachusetts co-operative banks continue to be insured in full. 

Each depositor is insured to at least $250,000 by the FDIC. Effective March 17, 2020, all deposits above the FDIC limit will now be insured by the DIF. This merger will benefit depositors by creating a deposit insurance fund with greater resources to protect deposits in member banks.

Like the Share Insurance Fund, the Depositors Insurance Fund has a long history of protecting deposits in member Massachusetts chartered banks. Since 1934, when the SIF and DIF insurance funds were created, no depositor has lost a cent in a member bank. 

To learn more about the DIF’s history, operations, and deposit insurance coverage, please visit the Frequently Asked Questions page on the DIF’s website, or call the DIF at 781-938-1984.

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Your Mortgage Connection – Edition 1

Your Mortgage with Kim Pelliccia

Kim Pelliccia
Mortgage Consultant
2 South Maple Street,
Bellingham, MA 02019
NMLS#: 1870832
O: 508-321-3160
C: 774-277-5898

Visit My Webpage

Visit Kim's Facebook Page  Visit Kim's Instagram Account  Visit Kim's LinkedIn Page

Welcome 2020!  What a difference a year makes.  According to Freddie Mac, during the first week of 2020, average US fixed interest rates for 30 year mortgages were 3.72% vs 4.51% one year ago at the start of 2019 – and rates are even lower this week!  With financing rates this low, buyers may be starting their spring home-buying season sooner rather than later. It’s a great time to prepare for what could be a very busy year!

For those I haven’t met in person yet, I’m Kim Pelliccia, Mortgage Consultant for Charles River Bank.  I’ve walked in your shoes, working as a Realtor® in MA and RI, as well as a real estate closing paralegal. I have successfully incorporated my prior experience in real estate directly into my role as a residential lender. My vision has always been to provide outstanding customer service and since we work in a referral business industry, I am dedicated to making sure I provide nothing but excellence throughout. I provide insight and direction to help buyers navigate through the complexity of the mortgage financing market.

A few unique programs that our Charles River Bank lending team and I have been able to access for income qualified buyers include:

  • FHLB Housing our Workforce grant programs offering up to $20,000 in matching down payment funds
  • FHLB Equity Builder Program offering up to $15,000 down-payment, closing cost and rehab assistance

There are many other unique financing programs that may better fit your buyers’ individual needs, and throughout 2020 I’ll be sharing some additional details that you may find helpful.

If you have any specific situations where you’re looking for a creative solution to finding financing, I invite you to call or email me.  I’m here to help provide ideas and solutions, and put in the work to make sure you, your sellers and buyers get to closing on time with no surprises, completely satisfied with service and the financing process.

I look forward to working with you and wish you a very successful 2020!


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Our Main Office (70 Main Street, Medway) will be closed on Saturday, December 7 for important utility and system upgrades.

During the upgrade, the Walk-up and Drive-up ATMs at the Main Office will not be available from approximately 5 PM on Friday, December 6 through Sunday, December 8.  

Our Bellingham and Mendon offices will be open from 9 AM – 1 PM on Saturday, December 7. Drive-up ATMs at both locations will also be available throughout the weekend.

Charles River Bank is conducting significant upgrades to our electrical and generator systems at our Medway Office. Below are easy ways to ensure you continue to connect with your accounts throughout the weekend:

  • In-Person Banking
    While our Main Office is closed on Saturday from 9 AM to 1 PM, our full-service locations in Bellingham and Mendon will be open, with extra staff on hand to help with any of your banking business. Click here for directions.
  • ATMs
    The ATMs at our Main Office will be unavailable throughout the weekend. You can continue to use your Charles River Bank Debit Card to get cash, while avoiding ATM surcharges, by:
    Visiting our locations in Bellingham and Mendon
    Using any SUM® or MoneyPass® location
    > Asking for cash back at most grocery stores and major retailers
  • Check Deposits
    Need to deposit a check? You can:
    Use the CRB Mobile Banking app
    > Visit our locations in Bellingham and Mendon
  • Safe Deposit Boxes
    Because the Main Office vault will be inaccessible during the upgrade, we encourage you to come in the week of December 1 to access your Safe Deposit Box and get any items you may need during, or directly after, the weekend.
  • Night Deposit Drop
    Business customers who currently use the Main Office Night Deposit Drop Box will have access to it during the weekend.
  • Cash & Coin
    If you or your business need cash or coin for the weekend, visit the Main Office on Thursday (8:30 AM – 6 PM) or Friday (8:30 AM – 5 PM), in anticipation of the branch closing on Saturday. Of course, you can also visit our Bellingham and Mendon locations for additional coin and cash.

We anticipate the work will be completed in time for our regular opening on Monday, December 9 but as with all major renovations, there may be delays. We will post any changes or updates here, as well as to our Facebook Page.

If you have any questions, please call a Personal Banker at 508-533-8661.  We apologize for the inconvenience and appreciate your understanding.

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Welcome to our new website

Our new site features an updated design which “responds” to the size of your screen, expanded client resource center, and personal stories from our customers and team. We have also included a new tool to assist our visitors with vision or physical limitations and will continue to explore ways to improve accessibility for everyone.

You can login from any page on our site.

Customers who access their personal or business accounts with online banking will be able to access their accounts throughout the site with a single login, located in the top navigation.

We hope you like our new site and look forward to adding new content and capabilities in the coming months.

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Charles River Bank will be open 9am to 1pm Saturday May 27th and closed Monday May 29th in honor of Memorial Day.
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