South Adams Reports Profit Increase
Deposits and Lending Drive GrowthADAMS - South Adams Savings Bank held its annual meeting April 9.
Addressing the corporators of the bank, President and CEO Charles O'Brien announced a number of successes for the year. Earnings for 2007 were $621,000, an increase of 35 percent from the prior year.
Strong growth in mortgage lending resulted in an overall 9.6 percent increase in the loan portfolio. O'Brien emphasized that, "South Adams Savings Bank has always taken its role as a responsible lender very seriously and has never engaged in subprime lending. It has always been our practice to offer products and services that are the proper match for the needs of our customers."
In addressing the current turmoil in the financial markets O'Brien stated, "Our message at South Adams Savings is that we are a highly capitalized, stable and well run community bank. We welcome loan applications and provide the safety of 100 percent insurance on our deposit products that are free from the volatility currently seen in the stock market. We do not answer to shareholders and Wall Street. Instead we answer to our local depositor's right here in the Berkshires. We think this is the right way to do business."
The year included a branch expansion into Lee where the bank built a state-of-the-art facility with enhanced banking services including an internet café and convenient Saturday banking hours. O'Brien announced, "The Lee location has exceeded expectations in attracting new customers to the bank. They appreciate our competitive rates, excellent service, and friendly staff."
The bank undertook several new initiatives last year to improve financial knowledge for consumers in this fast paced, and ever changing economic environment. It initiated a financial literacy program in partnership with the North Adams Transcript and the Advocate. Regular articles covering topics of financial interest are printed in these papers on a regular basis during the year. The bank held a fraud forum and initiated discussions with customers on safeguarding their identity and avoiding deceptive counterfeit check scams.
Founded in 1869, South Adams Savings Bank is a state-chartered mutual savings bank, serving the residents and businesses of Berkshire County from offices in Adams, Cheshire, Williamstown and Lee. Deposits are insured in full by the Federal Deposit Insurance Corp. and by the Depositors Insurance Fund. South Adams Savings Bank can be contacted at 413-743-0040 or at www.sasavings.com
