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PORT FINANCIAL Brighton, Massachusetts Smaller Rival Feasts On Giant Bank Merger.(A)
Byline: AMY REEVES
The words "Boston real estate" probably don't make you think "hot market."
After all, it isn't.
So how do you explain the mint Port Financial Corp. is making on its commercial mortgage lending business?
The company, based in nearby Brighton, Mass., owns Cambridgeport Bank. Last year its loan interest income -- which comes mainly from local real estate -- rose 10% from 2001 to $58.7 million.
Analysts give part of the credit to Port's success at grabbing market share.
Last year's merger of two local giants, Fleet Financial and the Bank of Boston, proved a godsend to smaller rivals who figure they can woo customers by providing better service.
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