Medway Co-operative Bank Holds Annual Dinner
July 14, 2005, Medway, MA—Medway Co-operative Bank recently hosted its annual dinner meeting at Pipinelle's Restaurant in Franklin, MA. With much to celebrate, the Bank reviewed its profitable financial performance, honored retiring board members, and recognized new directors and distinguished employees.
Chairman of the Board Robert J. Parrella welcomed Medway Co-operative Bank staff, directors, honorary directors and numerous invited guests. He reviewed the progress of the Bank and congratulated the staff on another banner year for the community financial institution that is celebrating its 90th year in 2005. Parrella reported that Medway Co-operative Bank's Assets grew 5.6% during 200 to $121.7 million. Over the past 5 years the bank has grown by 41.9%. Net income after taxes for the year was $748,353.
Consumers and businesses continue to flock to community banks as many regional banks experience the effects of mergers. Deposits at Medway Co-operative Bank grew to $100.6 million at year-end 2004, up from $96.7 million at year-end 2003. This represents 4.1% growth during the year and 32.5% growth in five years.
With low interest rates in 2004, the Loans held in the bank's portfolio grew to $79.2 million. Although the volume of loans increased significantly, loan losses were zero for the third year in a row.
President and CEO John S. (Jack) Hamilton joined with Chairman Parrella to herald the following stellar achievements of staff and directors at Medway Co-operative Bank. Frederick Lee, who served on the Board of Directors from 1968 to 2004, and David Tuttle, Jr., who served on the Board of Directors from 1969 to 2005, were recognized for the 36 years of dedicated service to the Bank. Fellow Board member William Reardon also addressed the gathering to recount his stories of how Mr. Lee and Mr. Tuttle have positively impacted the Bank by sharing their expertise and leadership.
Kevin G. Diamond and Daniel L. Murphy were elected to serve on Medway Co-operative Bank's Board of Directors. 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.
Mr. Hamilton then presented the President's Award to Assistant Manager Lanna Doiron. Ms. Doiron's enthusiasm for new programs, including business calling efforts, the exceptional customer service she provides, and her operational expertise as the Retirement Accounts co-coordinator are just some of the reasons for being chosen the recipient of this special Award.
"Medway Co-operative Bank has much to celebrate. Our financial performance continues to strengthen and we are positioned to continue our growth supported by our talented and dedicated board of directors and staff," confirmed John S. (Jack) Hamilton, President and CEO of Medway Co-operative Bank. " Our ongoing success allows us to continue to enhance our service by expanding our product line, adding new technologies, and developing our staff so our customers and community ultimately benefit."
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.