The Massachusetts Banking Compensation Survey can help
you attract and retain top talent.
2022 Massachusetts Banking
Compensation Survey
Questions? Call 508-460-9600 and ask for a survey team member. 2
Pearl Meyer’s Massachusetts Banking Compensation Survey
The Massachusetts Banking Compensation Survey, conducted in partnership with the Massachusetts Bankers
Association, provides the most detailed data on banking compensation and pay practices available today.
Attract, motivate and retain the best talent with access to the metrics and insight you need to create a
well-designed compensation program.
COMPREHENSIVE
280+ Positions
15,200 Employees
Exclusive Insight into
Peer Policies & Practices
CUSTOMIZED
Dedicated account
manager
Online tools for easy data
submission and analysis
COST-EFFECTIVE
Free Participation
Participants save over
40% off the survey
report purchase price
($795 vs. $1,345)
CREDIBLE
92 Institutions
$101M – $16.7B in assets
Rigorous quality
assurance process
$
The Massachusetts Banking Compensation Survey provides you with a best-in-class compensation information
solution, offering you a rare combination of accuracy and affordability. All elements of the employee pay package
are collected and reported giving you the information needed to analyze your competitive position and
compensation mix from a total compensation perspective.
Survey results validate your compensation strategy and enable you to:
View differences in regional Massachusetts compensation for each position.
Analyze compensation trends by asset size.
Understand what incentives are becoming more widespread.
Isolate key pieces of data based on your unique needs.
3Questions? Call 508-460-9600 and ask for a survey team member.
Policies and Practices
COMPREHENSIVE
You will be assigned a dedicated account manager to walk you through the survey submission process, making
it easy to integrate and match your information to our database.
Our account managers have several years of survey experience, ensuring you receive the highest quality of guid-
ance and condentiality.
Exclusive Insight
The only inclusive source of insight into what your peers are doing:
Short- and long-term incentive plan design
Starting hourly rates for Personal Bankers, Universal Bankers, & Tellers
Floating Teller pay practices
Bank & Teller Turnover rates
Salary Structure adjustment budgets
Merit increase budgets
Mortgage Originator average loan production & compensation
Commercial Loan Ofcer average loan production & portfolio size
Questions? Call 508-460-9600 and ask for a survey team member. 4
Access to Detailed Data
Participating
Institutions
92
Positions
280+
Employees
15,200
Key Data Reported:
Base Salary
Short-Term Incentives
Long-Term Incentives
Total Cash/Target/Direct
Compensation
Mortgage Originator
Compensation
Commercial Loan Ofcer
Compensation
5Questions? Call 508-460-9600 and ask for a survey team member.
Executive Management
Chief Executive Ofcer
Chief Operating Ofcer
Chief Credit Ofcer
Chief Financial Ofcer
Chief Lending Ofcer
Chief Revenue Ofcer
Chief Banking Ofcer
Top Regional Banking Executive
Top Marketing Ofcer
Chief Administrative Ofcer
General Counsel
Chief Risk Ofcer
Top Human Resources Ofcer
Top Audit Ofcer
Chief Information Systems Ofcer
Chief Customer Experience Ofcer
Staff / Administration
Administrative Ofcer
Assistant to President
Corporate Secretary
Executive Secretary
Sr. Administrative Assistant
Administrative Assistant
General Clerk
Switchboard Operator/Receptionist
Human Resources Manager
Human Resources Generalist
Human Resources Assistant
HRIS Manager
HRIS Administrator
Recruiting Manager
Recruiter
Head of DE&I
Employee Relations Manager
Employee Relations Specialist
Compensation Director/Manager
Sr. Compensation Analyst
Compensation Analyst
Benets Manager
Benets Specialist
Payroll Manager
Payroll Specialist/Clerk
Training Ofcer
Training Specialist
Marketing Manager
Product Manager
Digital Channels Product Manager
Market Researcher
Data Analyst/Specialist
Marketing Specialist/Coordinator
Social Media Specialist
Purchasing Manager
Purchasing Assistant/Clerk
Head of Facilities
Facilities Manager
Facilities Supervisor
Facilities Assistant/Custodian
Risk Manager
Risk Analyst
Sr. Compliance Ofcer
Compliance Ofcer
Compliance Specialist
CRA Ofcer
Management Trainee
Quality Control Specialist
Bank Secrecy Act (BSA) Ofcer
Bank Secrecy Act (BSA) Analyst
Program/Project Management
Investment / Wealth Management
Top Wealth Management Executive
Personal Investment Sales Ofcer
(non-commissioned)
Personal Investment Sales Ofcer
(commissioned)
Private Banking Ofcer
Financial Planner
Sr. Portfolio Manager
Portfolio Manager
Jr. Portfolio Manager
Finance
Top Bank Investment Executive
Bank Investment Portfolio Manager
Treasurer
Treasury Operations Manager
Tax Manager
Finance Manager
Sr. Financial Analyst
Financial Analyst
Controller
Assistant Controller
Accounting Manager
Accounting Supervisor
Sr. Staff Accountant
Staff Accountant
Acctg/Bookkeeping Clerk II
Acctg/Bookkeeping Clerk I
Bookkeeping Generalist
Audit
Audit Manager
Staff Auditor
Audit Assistant
Job Positions
Questions? Call 508-460-9600 and ask for a survey team member. 6
Business Banking
Top Business Banking Ofcer
Business Banking Business
Development Ofcer
Sr. Business Banking Ofcer
Business Banking Ofcer
Community Relations Ofcer
SBA Loan Manager
SBA Loan Ofcer
SBA Loan Processor II/Closer
SBA Loan Processor I/Closer
SBA Credit Analyst
SBA Underwriter
SBA Processing Team Leader
Trust
Top Trust Executive
Sr. Trust Ofcer
Trust Ofcer
Trust Operations Manager
Trust New Business Ofcer
Trust Administrator
Trust Department Assistant
Operations
Sr. Operations Ofcer/Manager
Head of Cash Management / Treasury
Management
Head of Digital/Electronic Banking
Operations/Services Manager - Cen-
tralized
Group Operations Manager
Operations Ofcer
Operations Supervisor
Utility Representative
Sr. Operations Clerk
Operations Coordinator
Security Ofcer
Fraud Specialist
Cash Management / Treasury Manage-
ment Ofcer/Manager
Cash Management / Treasury Manage-
ment Ofcer
Cash Management / Treasury Manage-
ment Representative
Retirement Plans Manager
IRA Specialist
Retirement Plans Coordinator/Clerk
Digital/Electronic Banking Ofcer
Digital/Electronic Banking Specialist
ATM Supervisor
ATM Coordinator/Clerk
Document Imaging Coordinator
Image Processor
Proof Operator
Wire Transfer Clerk
Mail Clerk/Courier
Courier
Retail
Top Retail Banking Ofcer/Manager
Group Branch Administrator
Regional Branch Manager
Branch Manager/Retail
Branch Manager (Lending/Bus. Dev’t)
- 3 Levels
Branch Manager (Non-Lending/Bus.
Dev’t) - 3 Levels
Branch / Sales Center Manager - New
Market
High School Branch Manager
Assistant Branch Manager - 3 Levels
Universal Banker - 4 Levels
Sr. Personal Banker
Personal Banker
Head Teller
Sr. Teller
Teller – Standard
Vault Teller
Sr. Teller/Customer Service
Representative
Teller/Customer Service
Representative
Interactive Banking Machine (ITM)
Specialist
Retail Sales Manager
Retail Manager/Customer Service
Manager - 3 Levels
Deposit Relationship Manager
Deposit Relationship Ofcer
Branch Operations Ofcer/Supervisor
- 3 Levels
Assistant Branch Operations Ofcer/
Supervisor
Call Center Manager
Call Center Supervisor
Call Center Specialist
Call Center CSR
Safe Deposit Attendant
Lending
Top Residential Mortgage Lending
Executive
Residential Mortgage Loan Ofcer II
(non-commissioned)
Residential Mortgage Loan Ofcer I
(non-commissioned)
Mortgage Loan Ofcer (commissioned)
Mortgage Loan Originator (in-house/
non-commissioned)
Mortgage Operations Manager
Mortgage Underwriter/Processor
Mortgage Loan Processor
Mortgage Closing Coordinator
Job Positions (continued)
7Questions? Call 508-460-9600 and ask for a survey team member.
Lending (cont’d)
Sr. Underwriter (residential lending)
Underwriter (residential lending)
Top Consumer Lending Executive
Sr. Consumer Loan Ofcer
Consumer Loan Ofcer
Consumer Loan Administrator/Proces-
sor
Sr. Loan Processor
Loan Processor
Sr. Mortgage/Consumer Credit Analyst
Mortgage/Consumer Credit Analyst
Jr. Mortgage/Consumer Credit Analyst
Indirect Lending Ofcer
Sr. Underwriter (commercial/industrial
lending)
Sr. Underwriter (commercial real estate
lending)
Sr. Commercial Underwriter Default
Underwriter (commercial/industrial
lending)
Underwriter (commercial real estate
lending)
Underwriter Default
Commercial Underwriting Manager
Regional Commercial Lending
Executive
Commercial Team Leader
Sr. Commercial Loan Ofcer/Relation-
ship Manager (commercial/industrial)
Sr. Commercial Loan Ofcer/Relation-
ship Manager (commercial real estate)
Sr. Commercial Loan Ofcer/Relation-
ship Manager Default
Commercial Loan Ofcer/Relationship
Manager (commercial/industrial)
Commercial Loan Ofcer/Relationship
Manager (commercial real estate)
Commercial Loan Ofcer/Relationship
Manager Default
Jr. Commercial Loan Ofcer/Relation-
ship Manager (commercial/industrial)
Jr. Commercial Loan Ofcer/Relation-
ship Manager (commercial real estate)
Jr. Commercial Loan Ofcer/Relation-
ship Manager Default
Sr. Commercial Credit Analyst
Commercial Credit Analyst
Sr. Commercial Loan Portfolio Manager
Commercial Loan Portfolio Manager
Jr. Commercial Loan Portfolio Manager
Commercial/Construction Loan Ofcer
Sr. Commercial Loan Processor
Commercial Loan Processor
Top Asset-based Lending
Commercial Loan Administrator
Commercial Loan Servicer
Sr. Note/Loan Service Department
Manager
Note/Loan Service Department Man-
ager
Note/Loan Documentation Ofcer/
Supervisor
Note/Documentation Specialist
Note/Loan Servicing Clerk
Loan Servicing Ofcer
Loan Servicing Supervisor
Loan Servicing Clerk
Lending Sales Manager (Business
Development/non-commissioned)
Business Development Ofcer
Loan Review Ofcer
Loan Review Administrator
Sr. Credit Ofcer
Credit Ofcer
Credit Operations Manager
Collections Ofcer/Manager
Collector II
Collector I
Special Assets Manager
Special Assets Ofcer
Appraisal Manager
Staff Appraiser
Lending Generalist
Secondary Market Ofcer
Secondary Market Specialist/Coordi-
nator
Investor Reporting Specialist
Trade Finance Manager
Trade Finance Assistant
Collateral Valuation Specialist
Technology
MIS Manager
Systems Ofcer
IT Manager
Information Security Administrator
Applications Programmer/Analyst
Database Analysis
Technical Program/Project Manage-
ment
Core System Manager
Sr. Technology Generalist
Technology Generalist
Network Manager
Network Specialist
Data Security Ofcer
Systems Analyst
Business Systems Analyst
Information Technology Compliance
Analyst
Online/Mobile Banking Manager
Digital Marketing Manager
Help Desk Specialist
Computer Operator
Job Positions (continued)
Questions? Call 508-460-9600 and ask for a survey team member. 8
Abington Bank
Adams Community Bank
Athol Savings Bank
Avidia Bank
BankFive
BankGloucester
BankNewport
Bay State Savings Bank
BayCoast Bank
Bristol County Savings Bank
Brookline Bank
Cambridge Savings Bank
Camden National Corporation
Cape Ann Savings Bank
Clinton Savings Bank
Coastal Heritage Bank
Colonial Federal Savings Bank
Community Bank, N.A. (NY)
Cornerstone Bank (MA)
Country Bank (MA)
Dean Bank
Dedham Institution for Savings
Eagle Bank
East Cambridge Savings Bank
Eastern Bank
Easthampton Savings Bank
Envision Bank
Fidelity Bank (MA)
Florence Savings Bank
GFA Federal Credit Union
Greeneld Cooperative Bank
Greeneld Savings Bank
Greylock Federal Credit Union
HarborOne Bank
Haverhill Bank
Hometown Bank
Institution for Savings
Jeanne D’Arc Credit Union
Lee Bank
Leominster Credit Union
Liberty Bay Credit Union
Lowell Five
2021 List of Participants (alphabetical order)
Participant Demographics by Asset Size
Who Participates?
Join 92 institutions who rely
on our in-depth data to make
critical compensation decisions.
Our participants represent both
mutual and private banks and credit
unions across Massachusetts.
CREDIBLE
20%
28%
16%
18%
18%
Up to $500M
$901M to $1.4B
$1.4B to $2.5B
$2.5B and above
$501M to $900M
Participants ranged in asset
size from $101 million to
$16.7 billion.
9Questions? Call 508-460-9600 and ask for a survey team member.
If you are a community bank or credit union we strongly encourage your participation to
increase the depth of the survey data while gaining insight from institutions of similar
headcount, asset size, or Massachusetts region.
Main Street Bank (MA)
Marblehead Bank
Martha’s Vineyard Savings Bank
Mechanics Cooperative Bank(MA)
Metro Credit Union
Middlesex Federal Savings, F.A.
Middlesex Savings Bank
Milford Federal Bank
Millbury Federal Credit Union
Millbury National Bank
Monson Savings Bank
National Grand Bank of Marblehead
Naveo Credit Union
Navigant Credit Union
Needham Bank
North Brookeld Savings Bank
North Easton Savings Bank
North Shore Bank
Northern Bank
Norwood Bank
Pawtucket Credit Union
Pentucket Bank
PeoplesBank
Reading Co-operative Bank
Rollstone Bank & Trust
Salem Co-operative Bank
Salem Five
Savers Bank
Seamen’s Bank
South Shore Bank
Southbridge Credit Union
St. Mary’s Credit Union
The Bank of Canton
The Cape Cod Five Cents Savings Bank
The Cooperative Bank
The Cooperative Bank of Cape Cod
The Pittseld Cooperative Bank
The Savings Bank
The Village Bank
The Washington Trust Company
UniBank
Walpole Co-operative Bank
Washington Savings Bank
Watertown Savings Bank
Webster First Federal Credit Union
Webster Five Cents Savings Bank
Westeld Bank
Winchester Co-operative Bank
Winchester Savings Bank
Winter Hill Bank
2021 List of Participants (continued)
Questions? Call 508-460-9600 and ask for a survey team member. 10
Flexible Report Formats
CUSTOMIZED
All of this provides you with the most accurate, affordable, reliable data that you can use
to attract and retain your most important, and often most expensive, asset.
Survey results are easily downloaded from the Pearl Meyer survey client website and available
in PDF and Excel. Data in excel gives you the ability to isolate key data points and identify
salary trends.
11Questions? Call 508-460-9600 and ask for a survey team member.
COST-EFFECTIVE
We offer an affordable solution to your banking compensation data needs for a competitive price of just $795.
No Cost Survey Submission
$795 Participating Institutions
$1,345 Non-Participating Institutions
Massachusetts Banking Survey Pricing
Participating institutions
receive over 40% off!
Survey Dates
Data Effective Date: April 1, 2022
Data Submission Due Date: May 27, 2022
Survey Results Published: August 15, 2022
Questions? Call 508-460-9600 and ask for a survey team member. 12
Dedicated Team of Account Managers
Contact Us
To learn more about our Massachusetts Banking Compensation Survey or to participate, please contact the
survey group at survey@pearlmeyer.com.
You will be assigned a dedicated account manager who will be available to walk you through the survey
submission process, making it easy to integrate and match your information with our database. Our account
managers have several years of survey experience, ensuring you the highest level of data quality and integrity.
Your account manager will email you a link to the submission materials, your log-in credentials, and instructions
on how to complete and return your survey data.
¨ To contact us by email: survey@pearlmeyer.com or jordan.gagnon@pearlmeyer.com
¨ To contact us by phone: ask for the survey group from our general number 508-460-9600 or call
Jordan Gagnon, Banking Survey Operations Manager, at 508-630-1501
Dan Besser
Survey Account
Manager
Jordan Gagnon
Survey Project
Manager
Rebecca Toman
Vice President, Survey
Business Unit
Precious Wolo
Senior Survey
Account Manager
Matt Dunbar
Associate Account
Manager
Rhonda Snyder
Survey Account
Manager
Veronika Valcheva
Associate Account
Manager
Benji Sheiffer
Associate Account
Manager
Andrew Guigno
Survey Operations
Manager
13Questions? Call 508-460-9600 and ask for a survey team member.
Why Pearl Meyer Surveys?
Our Commitment to Quality
We are committed to providing you the highest
standard of quality reporting. Our rigorous quality
assurance process includes:
Review of quality assurance reports to help clarify
input and identify discrepancies.
Thorough cross check of data; comparison to
previous years’ data; and identication of data
outliers.
Secure Data Submission and
Condentiality
The survey is administered using an excel template
for the collection of incumbent job data and a secure
online questionnaire for policies and practices data.
Cyber security is a top priority for all banks, and you
can have peace of mind knowing that our secure
system ensures that your data will be uploaded into
a safe environment and remain condential.
Concerned about the condentiality of your data and
how it’s shared in the survey results report?
All data is reported in summary form only.
No data is reported for any job at any level where
there are less than four institutions matching.
No institutions’ data will represent more than a 25%
weighting for any job.
You May Also Be Interested In
Pearl Meyer has a suite of banking surveys in
addition to our Massachusetts Banking Survey.
State Reports
y California
y Connecticut
y New York
Regional reports
y Northeast (MA, RI, CT, ME, VT, NH, and NY)
y North Northeast (NH, ME, VT)
National Report (U.S. based)
Banking Board of Director Survey
Banking Benefits and Human Resources
Policies Survey
You May Also Be Interested In
Pearl Meyer has a suite of banking surveys in
addition to our Masachusetts Banking Survey.
¨ State Reports
y California
y Florida
y Georgia
y New York
y Massachusetts
y Virginia
¨ Regional reports
y Northeast (MA, RI, CT, ME, VT, NH, and NY)
y Northern New England (NH, ME, VT)
y Banks of the Carolinas
y South Atlantic (FL, GA, NC, SC, VA)
National Report (U.S. based)
Banking Board of Director Survey
Banking Benefits and Human Resources
Policies Survey
Questions? Call 508-460-9600 and ask for a survey team member. 14
About Pearl Meyer
(www.pearlmeyer.com)
Pearl Meyer is the leading advisor to boards and senior management on the alignment of compensation with
organizational and leadership strategies, making pay programs a powerful catalyst for value creation and
competitive advantage. Our survey team provides organizations with accurate, on-point information supporting
effective business decisions. Pearl Meyer’s global clients stand at the forefront of their industries and range from
emerging high-growth, not-for-prot, and private companies to the Fortune 500 and FTSE 350. The rm has ofces
in Atlanta, Boston, Charlotte, Chicago, Houston, London, Los Angeles, New York, Rochester, and San Jose.
About Pearl Meyer’s Banking Compensation Consulting
(www.pearlmeyer.com/banking)
Pearl Meyer’s National Banking Team has in-depth and diverse experience, based on long-term client
relationships. We understand the business, regulatory and talent challenges of the industry and the ways
in which compensation can play a role.
Our work starts by studying your institution’s business strategy, leadership approach, and ownership structure.
We take the time to listen to your compensation objectives and desired outcomes. Risk mitigation, regulatory
compliance and governance are built into the design process. We use this process with the intent of developing
compensation plans that achieve results and create a competitive advantage for your business.
15Questions? Call 508-460-9600 and ask for a survey team member.
Pearl Meyer’s Banking Survey Suite
(www.pearlmeyer.com/banking-salary-surveys)
Pearl Meyer has been managing surveys specic to the banking industry for 25 years. Using the most advanced
programming and algorithms to ensure condentiality and accuracy, the banking survey suite includes the
Banking Compensation Survey, the Banking Benets and Human Resources Policies Survey, and the Banking
Board of Directors’ Survey.
Banking Compensation Survey data can be obtained in the following ways to offer you the most relevant
targeted and industry-wide data:
y Single state reports for California, Connecticut, Florida, Georgia, New York, Massachusetts, and Virginia.
y Regional report for the Northeast (that includes, MA, RI, CT, ME, VT, NH, and NY), and a regional report for the
Northern New England (that includes NH, ME, VT), the Banks of the Carolinas, and the South Atlantic (that
includes FL, GA, NC, SC, VA).
y National banking report that offers compensation information from banks throughout the country.
Banking Board of Director Survey provides the most relevant information available on board of directors’
compensation and governance practices.
Banking Benefits and Human Resources Policies Survey is the denitive source for the most current
information on benets programs and human resources policies including PTO programs, health and dental
insurance, exible spending accounts, and short- and long-term disability plans.
©2022 Pearl Meyer & Partners, LLC. All Rights Reserved.
For more information on Pearl Meyer, visit us at www.pearlmeyer.com or contact us at (212) 644-2300.
www.pearlmeyer.com/banking
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