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President's Letter

A Message From The President

New Year's Day is a time for reflection on the year past and planning for the events in the year to come. January 1, 2009 marks the beginning of a new chapter in our corporate life, as the name Medway Co-operative Bank is retired after a successful 93 year run, and the name Charles River Bank is adopted to reflect our strategic direction and to better help us navigate our way through the challenges that the future will surely bring.

The impetus for our name change will become evident during the spring of 2009 as Charles River Bank will have opened its first branch office outside of the town of Medway, at the corner of South Maple Street and Route 140 in Bellingham. We will also be beginning construction on another new office facility at One Hastings Street in the Town of Mendon. These new state of the art facilities, located within Charles River Watershed communities, will enable us to provide new customers - individuals, families and businesses - with the service, attention and access to decision makers that our existing customers have enjoyed for decades.

Unlike many of the headlines that we see daily in the national press, Charles River Bank remains a well capitalized, mutually owned community bank, with low delinquency rates on its loan portfolios and a record of zero foreclosures over the past 7+ years. We never involved ourselves in the "subprime" lending world because we knew it was not in the best interests of our customers or our bank. We promise the same level of "Yankee Prudence" as we proceed with our expansion plans.

Financial strength, a new name, new offices, expanded services, products and conveniences, one can understand why our employees, officers and directors are so excited about the year ahead.

We offer our sincerest thanks to you for supporting Charles River Bank. Each day our team strives to raise the level of service and access to decision makers that you have come to expect. With the dedication of our customers and our professional banking team, the coming years promise to be exciting ones for all as we fulfill our promise of "Smooth Banking Ahead."

John S. Hamilton
President & CEO