Commercial Lending

We Have Commercial Money to Lend, Low Rates and Local Lenders.


Whether you are looking to finance commercial real estate or a local business venture, we have money to lend. Our commercial lenders are responsive, experienced, committed to the communities we serve and dedicated to the growth and success of local businesses.


One of the things that sets us apart from other banks is that all of our credit decisions are made quickly and locally, by people who know our communities and our markets. For nearly two centuries, we've been serving the loan needs of businesses and individuals in our markets. We're stable and secure, with a long established reputation for excellence.


Meet Our Lenders

Commercial Real Estate Loans

For purchasing and refinancing existing commercial real estate including residential multi-family and mixed use property, office buildings, flex space and retail complexes; construction and development of industrial and residential property. Long-term fixed and adjustable rate options are available.

Commercial Term Loans

For equipment and vehicle purchases, leasehold improvements and business-expansion financing. Repayment terms are typically tied to the depreciable life of the assets being financed.

Lines of Credit

Lines of credit are available to provide cash flow for short-term working capital needs at a variable interest rate.

SBA (Small Business Administration) Loans

The Institution for Savings, together with the U.S. Small Business Administration (SBA), provides credit enhancements for small businesses through a variety of programs, including the 7(a) guarantee program and SBA Express Loans. Also available are direct SBA loans through the 504 lending program; these loans are made in conjunction with conventional bank financing to acquire real estate and certain business equipment.


Meet Our Lenders

Karen A. MacCormack 
Senior Vice President, Senior Lender, Commercial Lending
978-225-1312 Direct

As Senior Vice President of Commercial Lending, Karen manages a diverse portfolio of commercial loans and the Bank’s knowledgeable and professional Commercial Lending Team. Based at the Bank’s Commercial Lending Center located at 312 Haverhill Street in Rowley. Karen has more than 38 years of lending experience, the last 18 years with the Institution for Savings and Ipswich Co-operative Bank.

Prior to 1997, Karen was Vice President of Commercial Lending at the Ipswich office of First National Bank of Ipswich for 7 years and she worked at Boston Federal Savings Bank for 12 years.

Karen is active in numerous organizations and a regular volunteer at many non-profit events in the community.
E-mail Karen


Karl R. Wilson
Senior Vice President, Commercial Lending
978-312-6810 Direct

Karl’s 30 years of commercial lending and business development experience is a great asset to the Bank’s busy commercial lending division. Karl joined the Institution for Savings in October of 2013. Before joining the Bank he held a similar position at North Shore Bank where he managed a $55 million corporate loan portfolio. Previously, he was also Senior Vice President of Commercial Lending at Century Bank.

Karl holds a Bachelor of Science degree and an MBA in Finance. He is a Board Member, Vice President and past President and Treasurer of Citizens for Adequate Housing; current member and past Chairman of YCC North Shore District Finance Committee; and past President and member of the Beverly Kiwanis Club. Karl works from the Bank’s Commercial Lending Center at 312 Haverhill Street in Rowley.
E-mail Karl


David E. Boudreau 
Senior Vice President, Commercial Lending
978-225-1393 Direct

With more than 30 years of business banking experience, Dave manages a solid portfolio of commercial relationships for the Institution for Savings while continuing to help businesses of all sizes navigate the myriad of financing options to achieve their goals. He has been with the Institution for Savings since 2006 and previously held similar positions to TD Bank and other North Shore banks. Dave’s knowledge of the local market, coupled with his extensive experience in commercial financing, is an enormous asset to businesses of all sizes contemplating their borrowing needs.

A cum laude graduate, David also holds an MBA, has completed a number of banking and finance programs and is active in numerous local Chambers of Commerce and business organizations. He is located in the Bank’s 7 Bridge Road, Salisbury Office.
E-mail David


Katrina P. Cutts
Vice President, Commercial Lending
978-312-6811 Direct

With over 25 years of experience in financial services, Nina works closely with the Institution for Savings’ commercial lending team to expand the Bank’s growing commercial real estate, construction and loan portfolio through Massachusetts and southern New Hampshire.

She joined the Institution for Savings staff in 2014 from The Provident Bank where as Vice President of Commercial Lending she managed an $82 million commercial loan portfolio, the largest in the Bank. Previously she held a similar position at TD Bank in Portsmouth, NH.

Nina graduated with a BA in Botany but decided to use her strong analytical skill in banking. She serves is on the Board of the Coastal Economic Development Corporation, a non-profit regional economic development corporation serving the greater Seacoast area.
E-mail Nina

Marcia C. LaTorre
Vice President, Credit Administration
978-312-6809 Direct

As Vice President of Credit Administration, Marcia works closely with senior management to direct the commercial loan activities and portfolio management of the Bank. Her direct responsibilities include the areas of financial analysis, underwriting, loan review and regulatory compliance.

Marcia joined the Institution for Savings in December of 2016. Before that, she was Vice President of Risk & Credit Counseling at Cobblestone Management, LLC, which provides loan review, credit management consulting, and due diligence services to community banks. Earlier in her career Marcia worked for the former Fleet Boston Financial Group and Fleet Bank.

Marcia holds a Bachelor’s degree, received formal credit training from the former Manufacturers Hanover Trust Company and attended commercial lending workshops and seminars.
E-mail Marcia


Lori G. Rostkowski
Vice President, Commercial Lending
978-309-1235 Direct

As an experienced credit administrator with the former Rockport National Bank, Lori joined the commercial lending team when the two banks merged in August 2014. Lori currently manages a portfolio of commercial loans for customers on Cape Ann and originates and services new commercial loans. Prior to joining the Bank, Lori served as Financial Manager at Hasbro Interactive of Beverly.

Lori holds a BS in Business Administration and has attended numerous commercial lending and financial training workshops and seminars. She is on the Board of Directors of the Cape Ann Chamber of Commerce and works from the Bank’s 4 Parker Street, Gloucester Office.
E-mail Lori


Stephen VanDerwerken
AVP, Commercial Lending
978-309-1241 Direct

As Commercial Loan Officer, Stephen works with a wide array of customers helping them with commercial loans and banking products. Stephen held a similar position at Rockport National Bank and joined the Institution for Savings in August 2014 when the two banks merged.

Stephen graduated Magna Cum Laude with a double major in finance and management. He is a Board Member for the Greater Beverly YMCA, and sits on the Financial Development and Golf Committees and also volunteers for the North Shore United Way, on their Grant Review Committee. Steve works from the Bank’s 4 Colon Street Beverly Office.
E-mail Stephen


David Doucette
AVP, Commercial Lending
978-225-1344 Direct

Dave is a commercial lender on the Bank's commercial lending team offering clients a wide range of loan choices.

Following his college graduation Dave joined the Institution for Savings’ residential lending department. In 2009 he became a loan processor and then a credit analyst before becoming a commercial lender. Dave holds a BS in Business Management and completed the Massachusetts Banker’s Association School of Commercial Lending in October 2013 and Advanced School of Commercial Lending in September 2014. Dave can be reached at the Bank’s 7 Bridge Road Salisbury Office.
Email David.










For a listing of other Business Banking services, please click here, call us at 978-462-3106.

*We also may lend outside of the primary and secondary lending areas if there are other circumstances that warrant exception, such as a borrower with a previous or substantial account relationship with the Bank.