For Immediate Release: 10/25/2011 3:31 pm
Worcester, MA (October 25, 2011) - Commerce Bank today announced that it has purchased the historic Slater Building at 390 Main Street in Worcester, where the Bank’s headquarters have been located for 39 years. Commerce Bank purchased the building from owner Slater Associates Nominee Trust.
Built in 1907, the 10-story, 167,000-square-foot Slater Building is one of Worcester's oldest high-rise office buildings and a landmark part of the city’s core downtown corridor. It is listed on the National Register of Historic Places.
David G. Massad, Chairman of Commerce Bank, stated he was "thrilled that the Bank was able to acquire this local monument for its headquarters location. It has always been one of the gemstones of the city and I am proud that the Bank will be in this location for years to come."
City Manager Michael V. O’Brien is equally enthusiastic and optimistic, saying: "This is a game-changer in our continued efforts to revitalize and reinvigorate our Downtown. The positives from this decision – from their permanent presence Downtown, to their expected reinvestment in this historic building, to their future growth here – all will be felt for decades. I am very grateful to Commerce Bank’s Board of Directors and to Duddie Massad, for their clear confidence in our future."
"We are pleased to secure our future in this great location, which we consider to be a cornerstone building in the city of Worcester," said Commerce Bank President and CEO Brian W. Thompson. "We are confident in the city’s future; Worcester is our home, and we are thrilled to be part of the revitalization of the Downtown." Mr. Thompson said that Commerce Bank is currently working with a design firm on plans for renovations and improvements in the Slater Building, with a goal of increasing the occupancy of the building, which is currently about 70 percent full. The Bank also is considering taking additional space in the building to accommodate its growth, Mr. Thompson added.
About Commerce Bank
Commerce Bank is a full-service, FDIC-insured, state-chartered financial institution. Founded in 1955 and headquartered in Worcester, Massachusetts, the Bank offers a comprehensive array of innovative financial solutions including commercial loans, real estate and home mortgages, as well as deposit, savings and retirement accounts. These services are available through the Bank’s 13 convenient offices located throughout Central Massachusetts.
As of December 31, 2010, Commerce Bank had $1.3 billion in assets. For more information, visit www.BankAtCommerce.com.
