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PORT FINANCIAL Brighton, Massachusetts; Smaller Rival Feasts On Giant Bank Merger.(THE NEW AMERICA)
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. "The merger continues to provide customers to the smaller banks," said analyst Jared Shaw of Keeffe, Bruette & Woods, which has no relationship with Port. "There continues to be a lot of customer turnover. (Port's) way of getting customers isn't by relaxing their lending standards -- it's by giving good customer service."
The Personal Touch
As a smaller bank, Port can give more personal attention to clients that wouldn't be considered worth a lot of trouble to a firm the size of FleetBoston Financial Corp., which had 2002 revenue of $15.1 billion. The borrower of a $1 million loan, for instance, would likely be just another caller on the toll-free line.
But at Port, which had $87 million in 2002 revenue, he'd have a personal loan officer on call.
Fleet is working to improve its customer service, says analyst Mark Fitzgibbon of Sandler O'Neill, which does investment banking for Port. That could be a risk for Port in the future.
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