Press Releases
Medway Co-operative Bank Reports Record Growth
and Low Delinquency Rates for the First Half of 2008
Aug 4, 2008, Medway, MA—Medway Co-operative Bank is pleased to report that as of June 30, 2008
assets had grown 9.6% to a record $149 million from $136 million at year-end
2007. Deposits climbed 2.9% to $114 million and loans outstanding reached
$97.7 million, a 5.4% improvement over year-end.
Net income for the first half of the year totaled $307,000, which represents
a $69,000 improvement over the same period in 2007. Return on Assets stands
at 0.42% and Return on Equity ended the first half of the year at 4.7%.
The year over year improvement is driven by loan and investment growth
running well ahead of budgeted expectations, a widening net interest margin,
stringent expense control and increases in non-interest income.
Loan quality remained strong with total delinquency over 30 days at 0.76%,
with one residential loan of $92,000 over 90 days delinquent that subsequent
to quarter end was brought current.
There were no delinquencies in the bank’s commercial or construction loan portfolios.
“It has been more than seven years since Medway Co-operative Bank has foreclosed
on any real estate loan, and as of July 31, 2008 we have suffered no loan
losses and have no loans in or approaching foreclosure status,” stated
President & CEO Jack Hamilton.
Hamilton went on to say, “We are very pleased with our performance through
the first half of the year in an exceedingly challenging environment. The
performance of our Commercial Loan Team has been outstanding, with year to
date growth through June 30th of 15% in balances outstanding, and a healthy
pipeline scheduled to close early in the third quarter. Small business
financing and services have been our focus over the past several years and
our consistent growth, backed by solid underwriting and credit management,
have helped diversify the Bank’s asset mix.
“In spite of a weak residential loan market, our Residential Lending Group
has grown loan outstandings by 4.3% to $62.6 million and our Retail Customer
Care Team has helped increase deposits by almost 3% in a market with many
other banks scrambling to raise deposits due to liquidity issues,” Hamilton
added.
“We look forward, over the next 18 months, to the opening of two new branch
locations - in Bellingham, at 2 South Maple Street, and in Mendon, at One
Hastings Street - knowing our financial base is solid. We have assembled,
and will be recruiting, talented, dedicated and well trained banking
professionals who will continue to live up to the bank’s customer care
commitment “Every Customer, Every Time. Relax, we’ve got you covered!”
Medway Co-operative Bank was founded in 1915, and offers a wide range of
individual and business banking services, as the only purely mutual, solely
local bank in the community. Medway Co-operative Bank has been voted the #1 Community Bank in Medway . The Bank continues to earn the highest rankings
for financial strength from nationally recognized bank-rating companies
including a Four-Star Superior rating
from Bauer Financial for 63 consecutive quarters. Medway Co-operative Bank
is a member of the FDIC and the SIF, and all deposits are insured in full.
The Bank’s Main Office is located at 70 Main Street in Medway MA. Medway Co-operative Bank
Co-operative Bank operates a branch office in Medway High School during the
school year.
For further information, visit www.medwaycoopbank.com or call 508.533.8661. |
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