Medway Co-operative Bank Holds Annual Shareholders' Meeting
July 11, 2005, Medway, MA—Medway Co-operative Bank held its Annual Shareholders' Meeting on May 17, 2005 at the Bank's office at 70 Main Street, Medway, MA. Because Medway Co-operative Bank is a truly mutual institution, there is no stock so its shareholders are any depositors of the Bank who have had their accounts open for at least 12 months preceding the date of the Shareholders' Meeting and who are age 18 or older.
Chairman of the Board Robert J. Parrella presented the annual statement of earnings for the fiscal year ending December 31, 2004 reporting net income after taxes of $748,353.
Incumbent directors John S. Hamilton, president & CEO of Medway Co-operative Bank; Stephen J. Kenney, attorney with Kenney & Maciolek; and James M. Reardon, construction manager at Oxbow Construction, were elected to three-year terms to expire in May 2008. Mr. Kenney was also elected Clerk of the Corporation.
With two openings on the Board of Directors resulting from the retirement of Frederick Lee and David Tuttle, Jr., who each served on the Board for 36 years, two new directors, Kevin G. Diamond and Daniel L. Murphy were elected to one- year terms expiring in May 2006. Mr. Diamond is a CPA and Attorney who has a private practice, Shea and Diamond, LLP, in Holliston, MA. Mr. Murphy is Vice President of Finance and CFO of Princess House, Inc., a premier direct sales company with a 40-year history of operations and over 15,000 lifestyle consultants throughout the United States, Canada and Mexico.
"The addition of Kevin Diamond and Daniel Murphy as directors shows our commitment to bringing those with the highest levels of expertise, relevant experience and community involvement onto the bank's Board,” stated Chairman Robert J. Parrella.
Medway Co-operative Bank—with assets in excess of $124 million—was founded in 1915, and continues to offer a wide range of individual and business banking services as the only purely mutual, solely local bank in the community. Medway Co-operative Bank continues to earn the highest rankings for financial strength from nationally recognized bank-rating companies including a Four-Star rating from Bauer Financial. Medway Co-operative Bank, a member of the FDIC and the SIF, is located at 70 Main Street in Medway MA.
For further information, visit www.medwaycoopbank.com or call 508.533.8661.