Wellesley, which is suffering from a severe bank shortage aside from having Bank of America, Beal Bank, Boston Private Bank, Brookline Bank, Citizens Bank, Middlesex Savings Bank, Needham Bank, Rockland Trust, TD Bank, Wellesley Bank and Sovereign Bank, will soon have another.
First Commons Bank, which started up during the summer of 2009 at its Newton Centre headquarters, is planning to set up shop by midyear at 161 Linden St. near Beal Bank. This will be First Commons Bank’s first expansion beyond Newton.
While First Commons Bank’s name might not scream Wellesley, this should be a bank with a local feel. Tony Nuzzo, who started up First Commons and has more than 20 years of experience in banking, lives in Wellesley. The bank describes itself as not putting up with bad customer service, annoying fees and bureaucratic/illogical policies common at many big banks.