Newburyport Five Cents Savings Bank Holds Annual Meeting – Reflects on Successful Year
Newburyport, MA, April 23, 2014 --(PR.com
)-- Newburyport Five Cents Savings Bank Bancorp, MHC announced results for its 2013 fiscal year at the Annual Meeting on March 24, 2014 at Blue Ocean Music Hall, Salisbury, MA. The Company reported net income of $6.0 million even after charitable contributions of over $980,000 by the Company and its Charitable Foundation. Bank President and CEO Janice Morse noted that the institution’s 159th year was one of sustained growth, in which the Company demonstrated great strength and profitability, while expanding its presence in the Portsmouth, New Hampshire area and continuing its strong support of numerous community initiatives. The Bank’s financial position remained strong, exceeding expectations, with especially strong growth in its commercial real estate loan portfolio. Financial benchmarks show the Bank in an exceptionally strong position compared to competitors and similar institutions around the country.
The Bank noted its growth in Portsmouth, New Hampshire, highlighting the openings of its State Street and Yoken’s Common branches. Beginning over a century and a half ago as the “Children’s Bank,” Newburyport Five Cents Savings Bank has continued to focus many of its charitable efforts on the young people in the communities it serves. Through programs such as its Bank Local. Feed Local. Support Local, affiliated with the Newburyport Winter Farmers’ Market, and another designed to contribute to the financial needs of local PTOs and PTAs, the Bank reaffirmed its commitment to the youth of the area.
The Bank also noted the service of many long-time employees, notably including Edmund “Ted” Shepard, who joined the Board in 1975 and was a Director for 39 years. On Monday, March 24, 2014, he retired as a Director and will be an Honorary Trustee moving forward.
Finally, several key promotions were announced, including: Karen Baptiste, Vice President/Chief Risk Officer; Nancy Jones, Vice President; and Assistant Vice Presidents / Branch Managers: Erica Brooks-Sayers, Susan M. Brown, Deborah E. MacDonald, Claire T. Mills, Kimberly A. Bryan.
About Newburyport Five Cents Savings Bank
Founded in 1854, Newburyport Five Cents Savings Bank is a growing community bank with $672 million in assets, eight locations and over 100 dedicated employees. The Bank offers its customers a full range of consumer, mortgage, commercial lending and business banking products and services. The Bank and its employees also take great pride in supporting the many diverse social, educational, environmental, civic and cultural community based organizations to ensure that the greater Newburyport and Seacoast (NH) areas are vibrant and healthy places to live, work and grow.
Learn more at: www.newburyportbank.com