Publications
Publications
- October 2022 (Revised January 2023)
- HBS Case Collection
Century Bank: Closing Time?
By: Lauren Cohen, Grace Headinger and Bill Kwon
Abstract
Barry Sloane, second-generation Chairman, President, and CEO of his family’s bank, Century Bank, weighed whether to sell to Eastern Bank. As a small regional bank, Century faced a number of challenging trends, such as digitization and market share decline in the coming years, despite its past decade of top performance, balanced growth, and careful risk management. Whereas his father consistently refused to sell during his lifetime, Sloane worried this might be the last cash offer on the table for the bank. On the other hand, selling was an irreversible decision that would sever the family’s legacy and the next generation from the bank. Was it finally time for the Sloane family to part with Century Bank?
Keywords
Family Office; Business Exit; Banking; Family; Massachusetts; Boston; United States; Acquisition; Business Exit or Shutdown; Family Business; Family and Family Relationships; Interpersonal Communication; Decision Making; Finance; Banks and Banking; Risk and Uncertainty; Emotions; Banking Industry; Boston; Massachusetts; United States
Citation
Cohen, Lauren, Grace Headinger, and Bill Kwon. "Century Bank: Closing Time?" Harvard Business School Case 223-040, October 2022. (Revised January 2023.)