Mountainone Holds Annual Meeting
Williamstown - MountainOne Financial Partners, MHC, held its sixth annual meeting on April 28, 2008 at the Williams Inn in Williamstown. MountainOne Financial Partners is an affiliation between Hoosac Bank; Williamstown Savings Bank; South Coastal Bank; Coakley, Pierpan, Dolan & Collins; and True North.Corporate Overview
Stephen Crowe, President and Chief Executive Officer of MountainOne, provided an overview of MountainOne initiatives implemented in 2007. A highlight was finalization of the formation of a strategic partnership with South Coastal Bank, a mutual bank located in Rockland, MA. Crowe noted that MountainOne will continue to explore similar opportunities, which offer the potential for loan growth, as well as operational efficiencies.
Crowe also discussed national and local market trends and forecasts. Stated Crowe, "We're happy to report that the sub-prime mortgage crisis affecting so much of the country has not touched our customers. Nor will it. Our lending decisions are based on sound policies, adherence to federal lending regulations, and genuine concern for our customers' ability to repay their loans."
Crowe also presented the company's direction for 2008. A key element will be continuing to leverage the Partner affiliation, with a goal of providing comprehensive financial services to individuals and businesses for life.
Financial Report
Chief Financial Officer Donald Keagan provided a financial overview of 2007, reporting that combined assets have reached an all-time high of $873 million. Year-end deposits were at $528 million and the loan portfolio balance grew to $438 million. MountainOne also continues to maintain a very strong capital position.
Community Giving
The MountainOne companies continued their leadership role in community giving during 2007. Combined gifts to local community organizations were nearly $250,000. Williamstown Savings Bank's Community Dividend Program, which allows customers to help allocate a portion of the Bank's giving, received a record number of customer votes. And, the South Coastal Bank CARES program continues to provide grants to not-for-profit groups serving children in its eastern Massachusetts communities.
Elections
During the meeting, David Crane and Richard Palmisano were elected Trustees. Crane is the owner and Chairman of Excelsior Printing, which he purchased in 2005 from his family's business, Crane & Company of Dalton. He held a variety of positions during his more than 20 years there and was also President of Excelsior from 1991 to 1994. Crane is a native of Berkshire County, and his education includes an AB from Dartmouth College and an MBA from the University of Chicago. In the community, he currently serves on the Berkshire Museum Board of Directors as Treasurer, as well as Chairman of the Finance Committee. He also serves on the Executive Committee of Berkshire Creative. Crane also helped develop the recently formed Berkshire Angels Network, which brings together startup businesses and investors. He serves on the Finance and the Strategic Planning Committees at The Boys and Girls Club, and participates in community educational and economic development efforts with the Berkshire Compact for Higher Education. Crane lives in Dalton with his wife, Ruth Blodgett, and their three children.
Richard Palmisano is the President & Chief Executive Officer of Northern Berkshire Healthcare (NBH), a position he has held since 2006. He holds a bachelor's degree in Nursing and a master's degree in Nursing Management, both from Northwestern University in Chicago. He is also board-certified in Health Care Management by the American College of Healthcare Executives. Palmisano was appointed to the Vermont Human Resources Investment Council. He is a member of the National Association of Psychiatric Health Systems Benchmarking Committee and the Vermont Business Roundtable. He is former chairman of the American Hospital Association's Section for Psychiatry and Substance Abuse Services and also served on the Board of Trustees for the Vermont Association of Hospitals and Health Systems. Palmisano lives in Williamstown and Spofford.
State law mandates that mutual savings bank Corporators who are elected to ten-year terms must be depositors of the institution they serve, either at the time of their election or within 30 days thereafter. Their primary responsibilities include electing the company's Trustees from the body of Corporators and electing the President and other Officers. They are also responsible for approving changes in the bylaws and corporate structure.
Corporators re-elected to ten-year terms include Howard Brookner, Alexander Daugherty, Kathleen Dunn, Paul Dupuis, William Elder, Michael Haddad, John Holden, John O'Connor, Kenneth Pike, Jonathan Sabin, Ann Shannon, Susan Spooner, and Donald Westall. Newly elected Corporators, serving 10-year terms, include Pamela Besnard, David Carver, David Crane, Rober Fraser, Paul Gemelli, Matthew Storey, and Barry Whittaker.
Trustees re-elected to three-year terms include Stephen Crowe and John O'Connor. Newly elected Trustees, serving 3-year terms, included David Crane and Richard Palmisano.
Re-elected officers, serving 1-year terms, include Daniel Bosley, Chairman of the Board; Stephen Crowe, President and Chief Executive Officer; Donald Keagan, Executive Vice President and Treasurer; and Kelli Kozak, Clerk.
Dr. John Merselis was elected a lifetime Honorary Trustee. Dr. Merselis served on the Williamstown Savings Bank Board of Directors from 1980 to 2008, and was Chairman from 1995 to 2003. He was a founding member of the MountainOne Board of Directors, serving from 2002 to 2008, and was Chairman from 2002 to 2007. He retired from Williamstown Medical Associates, and serves on many community boards and committees.
Junior Board Of Directors
For the second year, members of the MountainOne Financial Partners Junior Board of Directors attended the Annual Meeting, where they were presented Certificates of Participation by Daniel Bosley, Chairman of the MountainOne Board of Directors. This year's Junior Board members, representing the five northern Berkshire high schools, included: Corbin Apkin and Andrea Therrien from BArT, Amandia Carr and James Farkey from Drury, Kimberlee Guettler and Shaun Jennings from Hoosac Valley, Christine Leal and Samanth Ritcher from McCann, and Veronica Kelly from Mount Greylock.
MountainOne Financial Partners, headquartered in North Adams, has combined assets of nearly $900 million and over 200 employees. Hoosac Bank, Williamstown Savings Bank, and South Coastal Bank provide a broad range of banking services for personal and business customers. Hoosac Bank, established in 1848, has offices in North Adams and Williamstown; Williamstown Savings Bank, founded in 1892, has an office in Williamstown; and, South Coastal Bank, founded in 1868, has offices in Rockland, Braintree, Scituate, and Quincy. Coakley, Pierpan, Dolan & Collins Insurance Agency, founded in 1927 and one of the largest property and casualty insurance agencies in Western Massachusetts, serves personal and business customers through offices in North Adams, Williamstown, and Adams. True North Financial Services, established in 1997, is a registered broker dealer, providing investment, life insurance, retirement planning, and employee benefit services to personal and business customers through offices in North Adams, Williamstown, and Pittsfield.
