Taunton, MA, April 12, 2007 --(PR.com
)-- The year 2006 was another challenging, but successful year for the Bristol County Savings Bank. At the Bank’s Annual Meeting in March, 2007 Bank President E. Dennis Kelly, Jr. stated, “2006 was a special year for Bristol County Savings Bank as it marked our 160th year serving the banking needs of our community. Despite the fact that we were faced with a flat to inverted yield curve, we had one of the more successful years in the history of our Bank.”
He noted that total assets grew at near record levels surpassing approximately $1.088 billion. Nearly all of this growth or $115.2 million was in loans. Retained earnings surpassed $158.8 million, which is one of the largest yearly increases in the Bank’s history. The Bank’s capital position as a percentage of total assets remains at over 14.5%, despite its strong asset growth.
Kelly also noted changes to the bank’s Board of Directors with the retirement of its Chairman of the Board, Norman F. Gorden and Director William J. Gloekler due to the age requirement set in the Bank’s bylaws. “We will miss their enthusiasm, support and guidance and we thank them for their contributions to the success of the Bank.”
Gorden, a resident of Mattapoisset, MA, joined the Bank as a member of the Corporation in 1965, was elected to the Board of Directors in 1975, and served as Chairman of the Board since 1998. Gloekler, a long time resident and former town official of North Easton, MA, joined the Bank as a member of the Corporation in 1977, was elected to the Board of Directors in 1979, and served as Chairman of the Audit Committee since 1980.
Dennis M. Cody will assume the position of Chairman of the Board. Cody, a resident of Lakeville, MA, served as Vice Chairman of the Board for the past 8 years, and has been a Board member for 22 years. Charles Terry, the new Vice Chairman of the Board, is a resident of North Dighton, MA and has been a Board member since 1993.
Michael A. Tamburro, President of the Pawtucket Red Sox who is a resident of Seekonk, MA, has been elected to the Bank’s Board of Directors, and will also continue to serve as a Director of the Bristol County Savings Charitable Foundation Pawtucket Advisory Board. Joseph F. X. Casey, the Chief Financial Officer and Treasurer of Sturdy Memorial Hospital in Attleboro, MA, who is a resident of Norfolk, MA, was also elected to the Bank’s Board of Directors.
Anawon Trust, N.A.
Paul A. Tucker, President of the Bank’s trust and investment subsidiary remarked that this was a historical year for Anawon Trust, having earned more income than at anytime in its 17-year history. Assets grew for the second straight year at 10% from $191.6 million to $211.1 million, while managed assets were up 13% from a year ago.
Bristol County Savings Charitable Foundation
2006 marked the 10th year of operation for the Bristol County Savings Charitable Foundation which was established as part of the Bank’s 150th anniversary celebrations back in 1996. During this period the Foundation has contributed $3.5 million to area non-profit organizations and almost $500,000 in the Pawtucket area alone.
Bristol County Savings Bank
Bristol County Savings Bank is a full service financial institution offering commercial lending, personal and business banking, and mortgage services. The key words at Bristol County Savings Bank are: "Commitment, Stability, and Community," values that are combined with state-of-the-art technology to meet the needs of its customers. A dedicated local community bank for over 160 years, Bristol County Savings Bank is actively involved in giving back to all the communities it serves both through financial support and the volunteerism of its people.
Founded in 1846, Bristol County Savings has $1.2 billion in assets, with 244 employees in Southeastern MA and RI. The Bank’s 10 full service banking offices are located in: Taunton, MA (2); Raynham, MA (2); Rehoboth, MA; Attleboro, MA; North Attleborough, MA; Franklin, MA; Dartmouth, MA; and Pawtucket, RI. Three loan production offices are located in Taunton, MA, Fall River, MA and in Providence, RI; and two Educational Branch Offices at Taunton High School and Attleboro High School.
The Main Office and Corporate headquarters of Bristol County Savings Bank are located on Broadway in Taunton, MA. For additional information please call 508-824-6626, or visit www.bristolcountysavings.com.